Daily Pivots: (S1) 1.2619; (P) 1.2714; (R1) 1.2769; More…
USD/CAD’s break of 1.2680 support suggests that rebound from 1.2448 has completed at 1.2876. Intraday bias is back on the downside for 1.2448 support. For now, risk will stay mildly on the downside as long as 1.2876 resistance holds, in case of recovery.
In the bigger picture, focus stays 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. However, rejection by 1.3022 will maintain medium term bearishness. Break of 1.2005 will resume the down trend from 1.4667 and that carries larger bearish implications too.
