Daily Pivots: (S1) 1.2785; (P) 1.2848; (R1) 1.2889; More…
USD/CAD’s fall from 1.3222 is resuming and intraday bias is back on the downside. Sustained 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 1.2945 minor resistance will revive 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.
