Daily Pivots: (S1) 1.2681; (P) 1.2715; (R1) 1.2777; More…
Intraday bias in USD/CAD is turned neutral with current recovery. On the downside, break of 1.2652 will revive the case that rebound from 1.2448 has completed at 1.2876. Deeper fall should be seen back to retest 1.2448 low. However, break of 1.2876 will resume the rise from 1.2448 to 1.2963 instead.
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.
