Daily Pivots: (S1) 1.0498; (P) 1.0546; (R1) 1.0583; .
As discussed before, USD/CAD's fall from 1.0779 should have completed at 1.0369 already. Intraday bias will remain on the upside as long as 1.0503 minor support holds and further rise is in favor to 1.0779/0851 resistance zone next. On the downside, below 1.0369 will turn intraday bias neutral again. Further break of 1.0369 will indicate that fall from 1.0779 is still in progress for 1.0205/23 support zone instead.
In the bigger picture, we're still favoring the case that whole medium term fall from 1.3063, which is viewed as a correction to long term rise from 0.9056, has completed at 1.0205 already. But a break of 1.0851 resistance is needed to confirm this case. In such case stronger rally should be seen to 61.8% retracement of 1.3063 to 1.0205 at 1.1971 at least. On the downside, however, break of 1.0205 low will invalidate this view and target parity instead.
Based on ActionForex.com Technical Outlook
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