Daily Pivots: (S1) 1.2726; (P) 1.2759; (R1) 1.2799; More….
Intraday bias in USD/CAD remains neutral for some consolidations first. Upside of recovery should be limited by 1.2928 support turned resistance to bring fall resumption. On the downside, firm break of 1.2706 will target 161.8% projection of 1.3389 to 1.2928 from 1.3172 at 1.2426.
In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Further decline should be seen back to 1.2061 (2017 low). In any case, break of 1.3389 resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.
