Daily Pivots: (S1) 1.3486; (P) 1.3525; (R1) 1.3558; More…
Intraday bias in USD/CAD is neutral for consolidation below 1.3564 temporary top first. But further rise is expected as long as 1.3429 support holds. On the upside, break of 1.3564 will resume whole rise from 1.3068 and target a test on 1.3664 high next.
In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3335). 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. However, sustained break of the channel support will be the first sign of medium term reversal. Firm break of 1.3068 would confirm.
