Daily Pivots: (S1) 1.2973; (P) 1.2989; (R1) 1.3017; More….
Intraday bias in USD/CAD remains neutral for consolidation above 1.2951 temporary low. Upside of recovery should be limited by 1.3102 resistance to bring another fall. On the downside, break of 1.2951 will target 100% projection of 1.3564 to 1.3016 from 1.3327 at 1.2779 next.
In the bigger picture, rise from 1.2061 (2017 low) could have completed at 1.3664, after failing 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. However, structure of price actions from 1.3664 argues that it’s probably just a corrective move. Hence, while further fall is expected, downside should be contained by 61.8% retracement of 1.2061 to 1.364 at 1.2673. Nevertheless, sustained break of 1.2673 will put focus on 1.2061 low.
