Daily Pivots: (S1) 1.2547; (P) 1.2580; (R1) 1.2624; More…
Immediate focus is now on 1.2591 resistance in USD/CAD. Firm break there will suggest that fall from 1.2899 has completed. Intraday bias will be back on the upside for 1.2899 resistance again. Nevertheless, rejection by 1.2591, followed by break of 1.2401 support, will retain near term bearishness for retesting 1.2005 low.
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.
