Daily Pivots: (S1) 1.2667; (P) 1.2694; (R1) 1.2739; More…
Intraday bias in USD/CAD is turned neutral with current recovery. On the upside, break of 1.2742 minor resistance will suggest that pull back from 1.2852 has completed. Intraday bias is turned back to the upside for resuming the rally from 1.2286 through 1.2852. On the downside, firm break of 1.2604 will argue that rebound from 1.2286 might be finished at 1.2852. Deeper fall would be seen back to 1.2286 support.
In the bigger picture, medium term outlook is neutral for now. The pair drew support from 1.2061 cluster and rebounded. Yet, upside was limited below 38.2% retracement of 1.4667 to 1.2005 at 1.3022. On the upside, firm break of 1.3022 should affirm the case of medium term bullish reversal. However, break of 1.2286 will turn focus back to 1.2005 low again.
