Daily Pivots: (S1) 1.3066; (P) 1.3094; (R1) 1.3112; More…
Intraday bias in USD/CAD is neutral as consolidation from 1.3132 temporary top extends. As long as 1.3027 minor support holds, further rally is expected. On the upside, above 1.3132 will target 1.3225 resistance first. Decisive break there will confirm that corrective decline from 1.3385 has completed at 1.2781. In that case, retest of 1.3385 high should be seen next. On the downside, however, break of 1.3027 minor support will suggest rejection by channel resistance. Intraday bias will be turned back to the downside for 1.2916 and below.
In the bigger picture, current development argues that choppy corrective fall from 1.3385 has completed at 1.2781 already. And that in turns suggests that the up trend from 1.2061 is still in progress. Decisive break of 1.3385 will pave the way to 61.8% retracement of 1.4689 to 1.2061 at 1.3685. On the downside, though, break of 1.2916 support will likely extend the fall from 1.3385 to 61.8% retracement of 1.2061 to 1.3385 at 1.2567 before completion.
