Daily Pivots: (S1) 1.2592; (P) 1.2668; (R1) 1.2709; More…
Intraday bias in USD/CAD is back on the downside as fall from 1.2876 resumed. As noted before, rebound from 1.2448 should have completed already. Deeper decline would be seen to retest 1.2448 support. Break there will target 1.2286 next. On the upside, above 1.2748 minor resistance will turn bias back to the upside for 1.2876 resistance 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.
