Daily Pivots: (S1) 1.2690; (P) 1.2759; (R1) 1.2812; More….
USD/CAD falls to as low as 1.2706 so far and matched target of 100% projection of 1.3389 to 1.2928 from 1.3172 at 1.2711 already. Intraday bias stays on the downside for 161.8% projection at 1.2426. next. On the upside, break of 1.2833 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
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.
