Daily Pivots: (S1) 1.2765; (P) 1.2813; (R1) 1.2907; More…
Intraday bias in USD/CAD remains neutral, with focus on 1.2879 resistance. Break there will resume the rally from 1.2401 towards 1.3022 fibonacci level. Decisive break there will carry larger bullish implications. In any case, outlook will stay cautiously bullish as long as 1.2675 support intact, in case of another retreat.
In the bigger picture, focus stays on 38.2% retracement of 1.4667 (2020 high) to 1.2005 (2021 low) at 1.3022. Sustained break there should confirm that the down trend from 1.4667 has completed after defending 1.2061 long term cluster support. Further rise would then be seen towards 61.8% retracement at 1.3650. However, rejection by 1.3022 will maintain medium term bearishness. Break of 1.2005 will resume the down trend from 1.4667 and that carries larger bearish implications too.
