Daily Pivots: (S1) 1.2669; (P) 1.2718; (R1) 1.2743; More….
Intraday bias in USD/CAD remains neutral with focus on 1.2684 minor support. Break there will argue that rebound from 1.2588 has completed at 1.2880. Intraday bias will be turned back to the downside for retesting 1.2588 low. Nevertheless, rebound from current level, follow by break of 1.2880 resistance, will resume the rise from 1.2588 instead.
In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Further decline should be seen back to 1.2061 (2017 low). In any case, break of 1.3389 resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.
