Daily Pivots: (S1) 1.2972; (P) 1.2999; (R1) 1.3023; More

No change in USD/CAD’s outlook While pull back from 1.3225 might extend lower, downside should be contained well above 1.2886 support to bring rally resumption. We’re holding on to the view that corrective fall from 1.3385 has completed at 1.2886 already. On the upside, above 1.3077 minor resistance will turn bias back to the upside for 1.3225 first. Break will resume the rebound from 1.2886 to retest 1.3385 high.

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In the bigger picture, strong rebound ahead of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level retains medium term bullishness. That is, rise from 2017 low at 1.2061 is still in progress. Break of 1.3384 should target 61.8% retracement of 1.4689 (2015 high) to 1.2061 (2017 low) at 1.3685. On the downside, as long as 1.2886 support holds, outlook will now remain bullish.

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