Daily Pivots: (S1) 1.2832; (P) 1.2886; (R1) 1.2921; More….
Intraday bias in USD/CAD remains on the downside at this point. Current down trend should target 100% projection of 1.3389 to 1.2928 from 1.3172 at 1.2711 next. On the upside, above 1.2941 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another fall.
In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Rejection by 55 week EMA is keeping outlook bearish. Such decline should now target 1.2061 (2017 low). In any case, break of 1.3389 resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.
