Daily Pivots: (S1) 1.3316; (P) 1.3358; (R1) 1.3393; More…
Intraday bias in USD/CAD remains neutral at this point. Consolidation from 1.3444 is still in progress and could extend further. But after all, near term outlook remains bullish as long as 1.3160 support holds, and further rise 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.
