Daily Pivots: (S1) 1.2691; (P) 1.2714; (R1) 1.2749; More…
Intraday bias in USD/CAD remains neutral for the moment as range trading continues. On the upside, break of 1.2742 minor resistance will retain near term bullishness and bring retest of 1.2852 first. Break there will resume whole rise from 1.2286 to retest 1.2894/2947 resistance zone. On the downside, however, firm break of 1.2604 will argue that rise from 1.2286 has completed. Deeper fall would be seen back to 1.2286 support.
In the bigger picture, medium term outlook remains 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.
