Daily Pivots: (S1) 1.2479; (P) 1.2539; (R1) 1.2572; More….
USD/CAD’s decline is still in progress and intraday bias stays on the downside at this point. Current down trend from 1.14667 should target 61.8% projection of 1.3389 to 1.2588 from 1.2880 at 1.2385. On the upside, break of 1.2597 minor resistance will turn bias neutral and bring consolidations first, before staging another fall.
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 1.2994 support turned resistance resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.
