Daily Pivots: (S1) 1.2744; (P) 1.2796; (R1) 1.2824; More…
Intraday bias in USD/CAD remains neutral and outlook is unchanged. Further rise is mildly in favor with 1.2712 support intact. On the upside, above 1.2884 will turn bias to the upside for retesting 1.3075 high. Break there and sustained trading above 1.3022 fibonacci level will carry larger bullish implications. On the downside, however, break of 1.2712 support will indicate rejection by 1.3022 key fibonacci resistance, and bring deeper decline back to 1.2401 support.
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.
