Daily Pivots: (S1) 1.2838; (P) 1.2917; (R1) 1.2971; More…
Intraday bias in USD/CAD is turned neutral first. Further rise will remain mildly on favor as long as 1.2516 support holds. Above 1.2995 will target 1.3075 resistance. Firm break there will resume medium term rally and sustained trading above 1.3022 fibonacci level will carry larger bullish implications. Next target is 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343.
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.
