Daily Pivots: (S1) 1.2977; (P) 1.3027; (R1) 1.3062; More…
USD/CAD retreated after edging higher to 1.3074 and intraday bias is turned neutral. Further rally is in favor as long as 1.2893 support holds. Above 1.3074 will resume the rise from 1.2726 to retest 1.3222 high. Decisive break there will resume larger up trend. However, break of 1.2893 will turn bias back to the downside for 1.2726 support instead.
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.
