Daily Pivots: (S1) 1.3437; (P) 1.3479; (R1) 1.3539; More…
Intraday bias in USD/CAD remains on the upside for the moment. Current rise from 1.3068 should target 1.3664 high and then 1.3685 key fibonacci level. On the downside, below 1.3437 minor support will turn intraday bias neutral and bring consolidation, before staging another rise.
In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3221). Thus, the up trend from 1.2061 (2017 low) should be in progress. On the upside, decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will pave the way to 78.6% retracement at 1.4127 next. This will remain the favored case as long as 1.3068 support holds.
