Daily Pivots: (S1) 1.2497; (P) 1.2561; (R1) 1.2602; More….
Outlook in unchanged in USD/CAD as rebound from 1.2466 should be completed at 1.2742. Intraday bias stays on the downside for retesting 1.2466. Firm break there will resume larger down trend from 1.4667. For now, another rebound cannot be ruled out as corrective pattern from 1.2466 could still extend. But outlook will stay bearish as long as 1.2880 resistance holds.
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 strong rebound.
