Daily Pivots: (S1) 1.2996; (P) 1.3029; (R1) 1.3085; More…
USD/CAD’s rise from 1.2726 is still in progress. Corrective decline from 1.3222 should have completed with three waves down to 1.2726. Further rally would be seen back to retest 1.3222 high. On the downside, break of 1.2933 minor support will mix up the outlook and turn intraday bias neutral again.
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.
