Daily Pivots: (S1) 1.3036; (P) 1.3063; (R1) 1.3112; More…
USD/CAD’s rebound from 1.2781 resumed by taking out 1.3070 and intraday bias is back on the upside. Sustained trading above 1.3081 resistance will be the first sign of completion of whole choppy fall from 1.3385. In that case, near term outlook will be turned bullish for 1.3225 resistance for confirmation. For now, as long as 1.2916 minor support holds, further rally will remain mildly in favor in case of retreat.
In the bigger picture, corrective rebound from 1.2061 could have completed at 1.3385 already. Deeper fall is mildly in favor to 61.8% retracement of 1.2061 to 1.3385 at 1.2567, which is close to 1.2526 support. For now, we’re not seeing fall from 1.3385 as resuming larger down trend from 1.4689 (2015 high) yet. Thus, we’ll look for bottoming signal again below 1.2567 . On the upside, though, break of 1.3081 resistance will argue that the pull back from 1.3385 is completed and rise from 1.2061 is resuming for another high above 1.3385.
