Daily Pivots: (S1) 1.2682; (P) 1.2727; (R1) 1.2817; More…
Intraday bias in USD/CAD remains on the upside as rise from 1.2492 continues today. Further rise would be seen to 1.2492 resistance first. Also, larger rise from 1.2005 is still in progress with 1.2421 support intact. Break of 1.2947 will confirm resumption for 1.3022 fibonacci level next. On the downside, though, break of 1.2635 minor support will turn bias back to the downside for 1.2421 structural support.
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.
