Daily Pivots: (S1) 1.2515; (P) 1.2565; (R1) 1.2662; More….

A temporary low was formed at 1.2466 with break of 1.2597 minor resistance. Intraday bias in USD/CAD is turned neutral for some consolidations. While stronger rise cannot be ruled out, outlook will stay bearish as long as 1.2880 resistance holds. On the downside, break of 1.2466 will resume larger down trend for 61.8% projection of 1.3389 to 1.2588 from 1.2880 at 1.2385.

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 rebound.

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