Daily Pivots: (S1) 1.3143; (P) 1.3170; (R1) 1.3190; More…
Intraday bias in USD/CAD remains neutral as consolidation from 1.3225 temporary top is extending. Deeper retreat could be seen but downside should be contained well above 1.2886 to bring rally resumption. We’re holding on to the view that corrective fall from 1.3385 has completed at 1.2886 already. Above 1.3225 will turn intraday bias back to the upside and bring retest of 1.3385 first.
In the bigger picture, strong rebound ahead of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level retains medium term bullishness. That is, rise from 2017 low at 1.2061 is still in progress. Break of 1.3384 should target 61.8% retracement of 1.4689 (2015 high) to 1.2061 (2017 low) at 1.3685. On the downside, as long as 1.2886 support holds, outlook will now remain bullish.
