Daily Pivots: (S1) 1.3324; (P) 1.3370; (R1) 1.3448; More…
USD/CAD rebounds strongly after drawing support from 4 hour 55 EMA. But it’s staying below 1.3444 resistance. Intraday bias remains neutral first. As long as 1.3160 minor support holds, further rally is still 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.
