Daily Pivots: (S1) 1.2481; (P) 1.2524; (R1) 1.2598; More….
Intraday bias in USD/CAD remains neutral for the moment. On the upside, above 1.2687 will extend the rebound from 1.2246 to retest 1.2919 key near term resistance. On the downside, below 1.2450 will target 1.2246 first. Break there will extend the fall from 1.2919 and target 1.2061 keys support level.
In the bigger picture, the rebound from 1.2246 is mixing up the medium term outlook. Nonetheless, USD/CAD is staying below falling 55 week EMA, hence, the bearish case is in favor. That is, fall from 1.4689 is not completed yet. Sustained break of 1.2061 key support will carry larger bearish implication and target 61.8% retracement of 0.9406 to 1.4689 at 1.1424. However, firm
