Daily Pivots: (S1) 1.2657; (P) 1.2695; (R1) 1.2727; More….
With 1.2797 minor resistance intact, further decline is still expected in USD/CAD. Current down trend from 1.4667 should target 100% projection of 1.3172 to 1.2688 from 1.2957 at 1.2473 next. Nevertheless, considering bullish convergence condition in 4 hour MACD, break of 1.2797 resistance will indicate short term bottoming. Intraday bias will be turned back to the upside for rebound, to 1.2957 resistance.
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.
