Daily Pivots: (S1) 1.2914; (P) 1.2970; (R1) 1.3040; More…
Intraday bias in USD/CAD remains mildly on the downside at this point. Fall from 1.3222 short term top would target 1.2818 support first. Firm break there will bring deeper fall back to 1.2516 key support. For now, risk will stay mildly on the downside as long as 1.3222 resistance holds, in case of recovery.
In the bigger picture, down trend from 1.4667 (2020 high) should have completed at 1.2005, after defending 1.2061 long term cluster support. Rise from there should target 61.8% retracement of 1.4667 to 1.2005 (2021 low) at 1.3650. This will remain the favored case now as long as 1.2516 support holds.
