Daily Pivots: (S1) 1.2443; (P) 1.2492; (R1) 1.2588; More…
Intraday bias in USD/CAD remains on the upside at this point. Rebound from 1.2246 short term bottom should extend to 1.2589 resistance first. Firm break there will indicate that pull back from 1.2919 has completed and and would bring retest of this resistance. On the downside, below 1.2397 minor support will turn focus back to 1.2246 instead.
In the bigger picture, rebound from 1.2061 is likely completed completed at 1.2919, rejected by 55 week EMA and kept below 38.2% retracement of 1.4689 to 1.2061 at 1.3065. The development also suggests that long term fall from 1.4689 is not completed yet. Decisive break of 1.2061 low will target 61.8% retracement of 0.9406 to 1.4689 at 1.1424. This will now be the favored case as long as 1.2919 resistance holds.
