Daily Pivots: (S1) 1.2294; (P) 1.2332; (R1) 1.2355; More…
Intraday bias in USD/CAD remains on the downside at this point. Current decline from 1.2947 is in progress for 161.8% projection of 1.2947 to 1.2492 from 1.2894 at 1.2158 next. On the upside, above 1.2408 minor resistance will turn bias back to the upside for stronger rebound first.
In the bigger picture, the rejection by 38.2% retracement of 1.4667 to 1.2005 at 1.3022 argues that rebound from 1.2005 is merely a corrective rise, which is complete. More importantly, the down trend from 1.4667 (2020 high). is not over yet. Sustained break of 1.2005 will extend the down trend to next long term fibonacci level at 61.8% retracement of 0.9406 to 1.4689 at 1.1424. In any case, outlook will not turn bullish as long as 1.2947 resistance holds.
