Daily Pivots: (S1) 1.2707; (P) 1.2771; (R1) 1.2849; More….
Intraday bias in USD/CAD remains mildly on the upside at this point. Rebound from 1.2629 short term bottom would target 1.2957 resistance and above. On the downside, break of 1.2629 low is now needed to confirm downside resumption. Otherwise, more consolidative trading should be seen with risk of stronger 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.
