Daily Pivots: (S1) 1.2781; (P) 1.2818; (R1) 1.2857; More….
Intraday bias in USD/CAD stays neutral first. On the upside, break of 1.2957 will resume the rebound from 1.2688 short term bottom, for 1.3172 resistance. On the downside, decisive break of 1.2688 will resume larger down trend instead.
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.
