Daily Pivots: (S1) 1.2537; (P) 1.2566; (R1) 1.2616; More….
USD/CAD’s recovery from 1.2363 extends higher today but stays well below 1.2742 resistance. Intraday bias remains neutral and outlook stays bearish. On the downside, break of 1.2363 will resume larger down trend to 100% projection of 1.3389 to 1.2588 from 1.2880 at 1.2079.
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.
