Daily Pivots: (S1) 1.2558; (P) 1.2590; (R1) 1.2640; More…
USD/CAD’s rise from 1.2286 resumes by taking out 1.2603 temporary top and intraday bias is back on the upside. As noted before, fall from 1.2947 has possibly completed with three waves down to 1.2886. Further rise should be seen to retest 1.2894/2947 resistance zone. On the downside, however, break of 1.2491 support will revive near term bearishness and bring retest of 1.2886 low.
In the bigger picture, medium term outlook is neutral for now. The pair drew support from 1.2061 cluster and rebounded. Yet, upside was limited below 38.2% retracement of 1.4667 to 1.2005 at 1.3022. On the upside, firm break of 1.3022 should affirm the case of medium term bullish reversal. However, break of 1.2286 will turn focus back to 1.2005 low again.
