Daily Pivots: (S1) 1.2392; (P) 1.2460; (R1) 1.2554; More….
USD/CAD recovered after dropping to 1.2363, hitting 61.8% projection of 1.3389 to 1.2588 from 1.2880 at 1.2385. intraday bias is turned neutral for some consolidation first. Outlook will remain bearish as long as 1.2742 resistance holds. Break of 1.2363 will resume the lager down trend, for 100% projection at 1.2079.
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 1.2994 support turned resistance resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.
