Daily Pivots: (S1) 1.2853; (P) 1.2876; (R1) 1.2909; More…
Intraday bias in USD/CAD remains neutral at this point. On the downside, break of 1.2817 minor support will suggest that fall from 1.3222 high is ready to resume. Intraday bias will be back on the downside for 1.2766 support and below. On the upside, above 1.2984 will resume the rebound to retest 1.3222 high instead.
In the bigger picture, down trend from 1.4667 (2020 high) should have completed at 1.2005, after defending 1.2061 long term cluster support. Rise from there should target 61.8% retracement of 1.4667 to 1.2005 (2021 low) at 1.3650. This will remain the favored case now as long as 1.2516 support holds.
