Daily Pivots: (S1) 1.3151; (P) 1.3183; (R1) 1.3226; More…
Intraday bias in USD/CAD is turned neutral again with current recovery. Another fall is still in favor with 1.3247 minor resistance intact. Below 1.3133 will target 1.3016 low. However, break of 1.3247 will suggest completion of the fall from 1.3382. Intraday bias would then be turned back to the upside for 1.3382 resistance.
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.
