Daily Pivots: (S1) 1.2699; (P) 1.2749; (R1) 1.2832; More….
USD/CAD recovered quickly after hitting 1.2663 and intraday bias is turned neutral first. Outlook remains bearish with 1.2957 resistance intact. Below 1.2663 will resume larger fall from 1.4667 to 100% projection of 1.3172 to 1.2688 from 1.2957 at 1.2473. However, break of 1.2957 will indicate short term bottoming and turn bias back to the upside for rebound.
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.
