Daily Pivots: (S1) 1.3345; (P) 1.3384; (R1) 1.3446; More…
Current development dampened the original bearish view of medium term topping at 1.3364 in USD/CAD. Intraday bias is now mildly on the upside for 1.3564 resistance first. Break will target 1.3664 high. On the downside, below 1.3239 will target 1.3052/68 cluster support.
In the bigger picture, outlook is turned mixed after USD/CAD drew strong support from 55 week EMA (now at 1.3232) and rebounded. Nevertheless, sustained break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685, is needed to confirm resumption of up trend from 1.2061 (2017 low), towards 1.4689. Otherwise, medium term outlook will stay neutral first. Break of 1.3239 will revive the case of medium term topping at 1.3664. And, decisive break of 1.3068 cluster support (38.2% retracement of 1.2061 to 1.3664 at 1.3052) will confirm and pave the way to 61.8% retracement at 1.2673 next.
