Daily Pivots: (S1) 1.2827; (P) 1.2857; (R1) 1.2912; More….
Intraday bias in USD/CAD remains neutral for consolidation below 1.2913 temporary top. As long as 1.2748 minor support holds, further rally is expected. Break of 1.2913 will turn bias back to the upside for 1.3124 high. However, 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.
