Daily Pivots: (S1) 1.2871; (P) 1.2928; (R1) 1.2994; More…
Intraday bias in USD/CAD stays mildly on the upside at this point. Pull back from 1.322 could have completed at 1.2766 already. Further rise would be seen back to retest 1.3222 high. On the downside, however, break of 1.2817 minor support will suggest that the fall from 1.3222 is resuming through 1.2766.
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.
