Daily Pivots: (S1) 1.2621; (P) 1.2656; (R1) 1.2682; More….
Intraday bias in USD/CAD remains on the downside for 1.2588 low. Decisive break there will resume larger down trend from 1.4667. Next target is 61.8% projection of 1.3389 to 1.2588 from 1.2880 at 1.2385. On the upside, though, break of 1.2762 will extend the consolidation pattern from 1.2588 with another rise.
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.
