Daily Pivots: (S1) 1.2661; (P) 1.2722; (R1) 1.2753; More….
USD/CAD’s break of 1.2798 resistance should confirm short term bottoming at 1.2588, on bullish convergence condition in 4 hour MACD. Intraday bias is back on the upside for 1.2957/94 resistance zone. On the downside, 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.