Daily Pivots: (S1) 1.0849; (P) 1.0915; (R1) 1.0972.
USD/CAD’s rally is still in progress and at this point, intraday bias remains on the upside for 1.1101 resistance first. Break there will confirm the pair has bottomed in medium term and bring stronger rally. On the downside, below 1.0859 minor support will turn intraday outlook neutral and bring retreat. But downside should be contained well above 1.0659 support and bring rally resumption.
In the bigger picture, fall from 1.3063 is treated as correction to the five wave rally from 0.9056 (07 low). Such decline is possibly completed at 1.0590 on bullish convergence conditions in daily MACD, after missing 61.8% retracement of 0.9056 to 1.3063 at 1.0587. Break of 1.1101 resistance will add much credence to this case and turn focus to 1.1723 resistance for confirmation USD/CAD has bottomed out in medium term. On the downside, while another fall cannot be ruled out for the moment, we’d continue to look for reversal signal as correction from 1.3063 is expected to conclude inside 1.0297/0819 support zone.