Daily Pivots: (S1) 1.2838; (P) 1.2887; (R1) 1.2915; More…
USD/CAD is losing some downside momentum as seen in 4 hour MACD. But further decline is expected with 1.2988 minor resistance intact. On the downside, break of 1.2818 support will bring deeper fall back to 1.2516 key support. On the upside, above 1.2988 minor resistance will turn bias back to the upside for retesting 1.3222 instead.
In the bigger picture, down trend from 1.4667 (2020 high) should have completed at 1.2005, after defending 1.2061 long term cluster support. Rise from there should target 61.8% retracement of 1.4667 to 1.2005 (2021 low) at 1.3650. This will remain the favored case now as long as 1.2516 support holds.
