Daily Pivots: (S1) 1.2835; (P) 1.2868; (R1) 1.2919; More…
Intraday bias in USD/CAD remains neutral at this point. On the downside, firm break of 1.2818 support will bring deeper fall back to 1.2516 key support. This will also raise the chance of near term bearish reversal. On the upside, above 1.2988 minor resistance will reinforce near term bullishness, and turn bias back to the upside for retesting 1.3222 instead.
In the bigger picture, down trend from 1.4667 (2020 high) should have completed at 1.2005, after defending 1.2061 long term cluster support. Rise from there should target 61.8% retracement of 1.4667 to 1.2005 (2021 low) at 1.3650. This will remain the favored case now as long as 1.2516 support holds.
