Daily Pivots: (S1) 1.2456; (P) 1.2482; (R1) 1.2504; More…
Intraday bias in USD/CAD remains mildly on the downside at this point. Deeper fall would be seen back to retest 1.2363 low. Break there will resume larger down trend from 1.4667. On the upside, above 1.2533 minor resistance will turn bias neutral again. But outlook will stay cautiously bearish as long as 1.2653 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.
