Daily Pivots: (S1) 1.2714; (P) 1.2728; (R1) 1.2745; More….
USD/CAD is still holding above 1.2688 low with current decline. Intraday bias remains neutral first. On the downside, decisive break of 1.2688 will resume larger down trend form 1.4677. Next near term target will be 100% projection of 1.3172 to 1.2688 from 1.2957 at 1.2473. On the upside, break of 1.2957 resistance will turn bias back to the upside for stronger rebound.
In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Further decline should be seen back to 1.2061 (2017 low). In any case, break of 1.3389 resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.
