Daily Pivots: (S1) 1.3335; (P) 1.3359; (R1) 1.3381; More…
USD/CAD is staying in consolidation below 1.3444 and intraday bias remains neutral first. Near term outlook remains bullish with 1.3160 support intact, and further rally is expected. On the upside, break of 1.3444 will turn bias back to the upside. Larger rally from 1.2061 should target 1.3685 fibonacci level next.
In the bigger picture, up trend from 1.2061 (2017 low) is still in progress and should target to 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will remain the preferred case as long as channel support (now at 1.2949) holds.
