Daily Pivots: (S1) 1.2782; (P) 1.2808; (R1) 1.2845; More….
USD/CAD is staying in consolidation from 1.2768 temporary low and intraday bias remains neutral. In case of another recovery, upside should be limited by 1.2928 support turned resistance to bring fall resumption. On the downside, break of 1.2768 will target 100% projection of 1.3389 to 1.2928 from 1.3172 at 1.2711 next. Break will target 161.8% projection at 1.2426.
In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Further decline should be seen back to 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.
