Daily Pivots: (S1) 1.3198; (P) 1.3222; (R1) 1.3253; More…
Intraday bias in USD/CAD remains on the downside for the moment. Rebound from 1.3016 could have completed at 1.3382 already. Deeper fall would be seen back to retest 1.3016 low. On the upside, break of 1.3382 resistance will resume the rebound from 1.3016 instead.
In the bigger picture, key cluster support of 1.3068 (38.2% retracement of 1.2061 to 1.3664 at 1.3052) remains intact. Medium term rise from 1.2061 low is in favor to resume sooner or later. Firm break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will confirm and target 1.4689 high. However, sustained break of 1.3052/68 will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next.
