Daily Pivots: (S1) 1.2811; (P) 1.2854; (R1) 1.2889; More….
A temporary top is in place at 1.2896 with 4 hour MACD staying below signal line. Intraday bias in USD/CAD is turned neutral first. Downside of retreat should be contained by 1.2748 minor support to bring another rise. Above 1.2896 will turn bias back to the upside for 1.3124 resistance next. However, firm break of 1.2748 will turn focus back to 1.2526 support instead.
In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.
