Daily Pivots: (S1) 1.2824; (P) 1.2856; (R1) 1.2903; More…
Intraday bias in USD/CAD remains neutral as consolidation from 1.2781 temporary low continues. Outlook stays bearish as long as 1.3081 resistance holds. And another decline is still in favor. On the downside, break of 1.2781 will extend whole decline from 1.3385 to next fibonacci level at 1.2567, which is close to 1.2526 support.
In the bigger picture, the firm break of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level argues that whole choppy rebound from 1.2061 has completed at 1.3385 already. Deeper fall would be seen back to 61.8% retracement at 1.2567, which is close to 1.2526 support and possibly below. For now, we’re not seeing fall from 1.3385 as resuming larger down trend from 1.4689 (2015 high) yet. Thus, we’ll look for bottoming signal again below 1.2567.
