Daily Pivots: (S1) 1.2735; (P) 1.2778; (R1) 1.2850; More…
Intraday bias in USD/CAD remains on the upside for 1.2852 at this point. Break there will confirm resumption of whole rally from 1.2286 and target 1.2947 resistance. On the downside, below 1.2738 minor support will turn intraday bias neutral first, and bring consolidations. But further rise will remain in favor as long as 1.2604 support holds.
In the bigger picture, medium term outlook remains 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.
