Daily Pivots: (S1) 1.2559; (P) 1.2608; (R1) 1.2695; More…
Intraday bias in USD/CAD stays neutral first. On the upside, break of 1.2706 resistance will indicate that pull back from 1.2947 has completed at 1.2492. That would also retain near term bullish after well defending 1.2421 support. Intraday bias will be back on the upside for retest 1.2947 high. Break there will resume larger rise from 1.2005. However, below 1.2492 will resume the fall from 1.2947 to 1.2421 key near term structural support 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.
