Daily Pivots: (S1) 1.2619; (P) 1.2640; (R1) 1.2682; More…
Intraday bias in USD/CAD remains on the upside for retesting 1.2805 resistance. Firm break there will resume the rise from 1.2005 to 1.3022 fibonacci level next. On the downside, break of 1.2597 minor support will turn intraday bias on the downside, to extend the corrective pattern form 1.2805 with another fall.
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.
