Daily Pivots: (S1) 1.2451; (P) 1.2494; (R1) 1.2523; More….
Rebound from 1.2246 should have completed at 1.2687 already. Intraday bias stays on the downside for retesting 1.2246 low first. Break will resume the fall from 1.2919 and target key support level at 1.2061. On the upside, break of 1.2687 is needed to confirm resumption of rise from 1.2246. Otherwise, near term outlook will now stays cautiously bearish in case of recovery.
In the bigger picture, the rebound from 1.2246 is mixing up the medium term outlook. Nonetheless, USD/CAD is staying below falling 55 week EMA, hence, the bearish case is in favor. That is, fall from 1.4689 is not completed yet. Sustained break of 1.2061 key support will carry larger bearish implication and target 61.8% retracement of 0.9406 to 1.4689 at 1.1424. However, firm break of 1.2919 will revive the case of medium term reversal and turn outlook bullish.
