Daily Pivots: (S1) 1.2609; (P) 1.2659; (R1) 1.2692; More….

USD/CAD recovered after breaching 1.2629 and intraday bias remains neutral first. On the downside, decisive break of 1.2629 support will resumption whole down trend form 1.4667. Next target is 61.8% projection of 1.4667 to 1.2994 from 1.3389 at 1.2355. On the upside, break of 1.2834 resistance will extend the consolidation from 1.2629 with another rise to 1.2957 resistance.

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 1.3389 resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.

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