Daily Pivots: (S1) 1.2641; (P) 1.2675; (R1) 1.2700; More…
Intraday bias in USD/CAD is turned neutral with current retreat. Further rise is expected as long as 1.2491 support holds. Above 1.2743 will resume the rise from 1.2286 to retest 1.2894/2947 resistance zone. However, break of 1.2491 will indicate that such rise has completed, and turn bias back to the downside for 1.2286 support.
In the bigger picture, medium term outlook is neutral for now. The pair drew support from 1.2061 cluster and rebounded. Yet, upside was limited below 38.2% retracement of 1.4667 to 1.2005 at 1.3022. On the upside, firm break of 1.3022 should affirm the case of medium term bullish reversal. However, break of 1.2286 will turn focus back to 1.2005 low again.
