Daily Pivots: (S1) 1.2640; (P) 1.2713; (R1) 1.2752; More…
Intraday bias in USD/CAD is turned neutral as it retreated after hitting 1.2805. Some consolidations could be seen but further rise is expected as long as 1.2485 resistance turned support holds. On the upside, above 1.2805 will resume the rise from 1.2005 to 1.3022 medium term fibonacci level next.
In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should 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 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.
