Daily Pivots: (S1) 1.2515; (P) 1.2537; (R1) 1.2557; More…
Intraday bias in USD/CAD is turned neutral first with loss of downside momentum. On the downside, below 1.2492 will resume the fall from 1.2947 to 1.2421 support. Sustained break there will argue that whole rise from 1.2005 has completed at 1.2947 already. Near term outlook will be turned back for 1.2301 support first. On the upside, however, break of 1.2701 minor resistance will retain near term bullishness, and turn bias back to the upside for retesting 1.2947 high.
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.
