Daily Pivots: (S1) 1.2607; (P) 1.2669; (R1) 1.2706; More…
Intraday bias in USD/CAD remains neutral at this point. On the downside, firm break of 1.2619 support will complete a head and should top pattern (ls: 1.2852, h: 1.2963, rs: 1.2812). That would also argue that whole pattern from 1.2005 has completed with three waves to 1.2963. Intraday bias will be back to the downside for 1.2286 support, and possibly further to 1.2005 low. On the upside, though, break of 1.2812 minor resistance will retain near term bullishness, and target 1.2963 and then 1.3022 fibonacci level.
In the bigger picture, focus will be on 38.2% retracement of 1.4667 (2020 high) to 1.2005 (2021 low) at 1.3022. Sustained break there should confirm that the down trend from 1.4667 has completed after defending 1.2061 long term cluster support. Further rise would then be seen towards 61.8% retracement at 1.3650. On the downside, however, break of 1.2286 will turn focus back to 1.2005 low again.
