Daily Pivots: (S1) 1.2526; (P) 1.2552; (R1) 1.2577; More….
USD/CAD’s strong rebound and break of 1.2622 minor resistance indicates short term bottoming at 1.2526. Intraday bias is mildly on the upside for recovery back to 38.2% retracement of 1.2942 to 1.2526 at 1.2685, or even further to 55 day EMA (now at 1.2730). But upside should be limited well below 1.2814 support turned resistance and bring fall resumption. We’d expect decline from 1.3124 to extend later to 1.2061/2246 support zone.