Daily Pivots: (S1) 1.2841; (P) 1.2878; (R1) 1.2915; More…
Intraday bias in USD/CAD is turned neutral as it retreat after hitting 1.2913. Some consolidations could be seen but further rally is expected as long as 1.2717 support holds. Above 1.2913 will resume recent rally to 1.3022 fibonacci level next. Decisive break there will carry larger bullish implications.
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.
