Daily Pivots: (S1) 1.2720; (P) 1.2751; (R1) 1.2768; More….
USD/CAD’s pull back from 1.2880 extends lower but it’s staying above 1.2684 minor support. Intraday bias remains neutral first and another rise could still be seen. on the upside, break of 1.2880 will resume the rebound form 1.2588 short term bottom to 1.2994 support turned resistance. However, break of 1.2684 minor support will argue that the rebound has completed and bring retest of 1.2588 low.
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.
