Daily Pivots: (S1) 1.2947; (P) 1.2996; (R1) 1.3086; More…
Intraday bias in USD/CAD is back on the upside with break of 1.3063 temporary top. As noted before, corrective decline from 1.3222 could have completed with three waves down to 1.2726. Further rise should be seen to retest 1.3222 high next. Decisive break there will resume larger up trend. For now, outlook will stay cautiously bullish as long as 1.2893 support holds, in case of retreat.
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.
