Daily Pivots: (S1) 1.2719; (P) 1.2808; (R1) 1.2866; More…
USD/CAD’s break of 1.2766 support confirms resumption of whole decline from 1.3222. Intraday bias is staying on the downside for 61.8% projection of 1.3222 to 1.2766 from 1.2984 at 1.2702. Firm break there will target 100% projection at 1.2528, which is close to 1.2516 key support. On the upside, above 1.2837 minor resistance will turn intraday bias neutral first. But further decline will remain in favor as long as 1.2984 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.
