Daily Pivots: (S1) 1.2745; (P) 1.2806; (R1) 1.2899; More…
Intraday bias in USD/CAD remains neutral as it rebounded after hitting 1.2712. Further rise is still in favor. Break of 1.2913 will resume recent rally to 1.3022 fibonacci level next. Decisive break there will carry larger bullish implications. On the downside, break of 1.2712 will argue that rebound from 1.2401 has completed at 1.2913, ahead of 1.2963 resistance. Intraday bias will be back on the downside for 1.2401, to extend recent sideway trading.
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.
