Daily Pivots: (S1) 1.2497; (P) 1.2528; (R1) 1.2575; More…
Intraday bias in USD/CAD remains neutral for the moment. Another fall could still be seen with 1.2591 resistance intact. Corrective pattern from 1.2005 could have completed already. Break of 1.2401 will target 1.2286 support and then 1.2005 low. However, on the upside, break of 1.2591 will dampen this bearish case, and turn bias back to the upside for 1.2899 resistance 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.
