Daily Pivots: (S1) 1.2658; (P) 1.2739; (R1) 1.2782; More…
Intraday bias in USD/CAD remains neutral first and further rally is expected with 1.2680 support intact. Above 1.2876 will resume the rise from 1.2448 to 1.2963 resistance. On the downside, however, break of 1.2680 will turn bias back to the downside for 1.2448 support instead.
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 from 1.4667 and that carries larger bearish implications too.
