Daily Pivots: (S1) 1.2378; (P) 1.2430; (R1) 1.2520; More…
Intraday bias in USD/CAD stays on the upside at this point. Rise from 1.2005 support would target 1.2653 resistance first. Firm break there should confirm near term bullish reversal and target 38.2% retracement of 1.4667 to 1.2005 at 1.3022 next. On the downside, below 1.2337 minor support will turn intraday bias neutral first.
In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It might have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.
