Daily Pivots: (S1) 1.2614; (P) 1.2671; (R1) 1.2719; More…
USD/CAD’s fall from 1.2760 extends lower today but stays above 1.2492 support. Intraday bias remains neutral first. On the downside, break of 1.2492 will target 1.2421 key structural support next. Sustained break there should indicate completion of whole choppy rise form 1.2005. On the upside, above 1.2760 will bring retest of 1.2947 high instead.
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.
