Daily Pivots: (S1) 1.3225; (P) 1.3267; (R1) 1.3309; More….
Intraday bias in USD/CAD remains neutral for consolidation above 1.3164 temporary low. Upside of recovery should be limited by 1.3387 support turned resistance and bring fall resumption. We hold on to the view that corrective rise from 1.2460 has completed at 1.3793 already and deeper decline is expected. Below 1.3164 will target 1.2968 support first. Break there should confirm our view and target 1.2460 and below.
In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. Rise from 1.2460 is seen as the second leg and has completed at 1.3793, ahead of 61.8% retracement of 1.4689 to 1.2460 at 1.3838. Break of 1.3222 should now indicate the start of the third leg while further break of 1.2968 should confirm. In that case, USD/CAD should decline through 1.2460 support to 50% retracement of 0.9406 to 1.4869 at 1.2048.