Daily Pivots: (S1) 1.2787; (P) 1.2816; (R1) 1.2855; More….

Intraday bias in USD/CAD remains neutral for some more consolidation below 1.2880. Rebound from 1.2588 is still expected to continue. On the upside, above 1.2880 will target 1.2994 support turned resistance. However, break of 1.2684 minor support will argue that the rebound has completed and bring retest of 1.2588 low.

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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