Daily Pivots: (S1) 1.3125; (P) 1.3170; (R1) 1.3234; More…
USD/CAD’s rebound from 1.3016 resumed after brief consolidation and broke 1.3199 resistance. Intraday bias is back on the upside for 1.3564/3664 resistance zone. On the downside, break of 1.3105 will turn bias back to the downside for retesting 1.3016 low instead.
In the bigger picture, focus stays on 1.3068 cluster support (38.2% retracement of 1.2061 to 1.3664 at 1.3052) will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next. On the upside, 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). Otherwise, risk will stay on the downside.
