Daily Pivots: (S1) 1.2740; (P) 1.2767; (R1) 1.2806; More….
USD/CAD’s fall resumed after brief consolidation and reaches as low as 1.2713 so far. Intraday bias is back on the downside. Fall from 1.3124 short term top should target 61.8% retracement of 1.2246 to 1.3124 at 1.2581 next. On the upside, above 1.2818 minor resistance will turn intraday bias neutral again. But near term outlook will remain bearish as long as 1.2942 resistance holds.
In the bigger picture, current development turns favors to the case that rise from 1.2061 is a corrective three wave pattern. It could have completed at 1.3124 after hitting 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Focus is now back on 1.2061 and 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048.
