Daily Pivots: (S1) 1.2782; (P) 1.2808; (R1) 1.2845; More….
USD/CAD’s fall resumes after brief consolidation and intraday bias is back on the downside. Current down trend should 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. On the upside, however, break of 1.2833 minor resistance will turn intraday bias neutral again and bring more consolidations.
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.
