Daily Pivots: (S1) 1.2487; (P) 1.2515; (R1) 1.2560; More

Intraday bias in USD/CAD is mildly on the downside, as fall from 1.2646 is gyrating down towards 1.2363 low. Break will resume larger down trend from 1.4667. Overall, outlook will stay bearish as long as 1.2742 resistance holds, even in case of another rebound.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Further decline should be seen back to 1.2061 (2017 low). In any case, break of 1.2994 support turned resistance resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.



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