Daily Pivots: (S1) 1.2560; (P) 1.2631; (R1) 1.2707; More…
Intraday bias in USD/CAD remains mildly on the upside at this point. Pull back from 1.2964 should have completed with three waves down to 1.2448. Further rally would be seen to 1.2812 resistance first, and then 1.2963. On the downside, below 1.2553 minor support will mix up the near term outlook and turn intraday bias neutral.
In the bigger picture, focus stays on 38.2% retracement of 1.4667 (2020 high) to 1.2005 (2021 low) at 1.3022. Sustained break there should confirm that the down trend from 1.4667 has completed after defending 1.2061 long term cluster support. Further rise would then be seen towards 61.8% retracement at 1.3650. However, rejection by 1.3022 will maintain medium term bearishness. Break of 1.2005 will resume the down trend form 1.4667 and that carries larger bearish implications too.
