Daily Pivots: (S1) 1.3257; (P) 1.3301; (R1) 1.3334; More…
USD/CAD’s sharp fall and break of 1.3206 minor support indicates that corrective recovery from 1.3133 has completed at 1.3347. Intraday bias is turned back to the downside for 1.3133 support first. Break will pave the way to 1.3016 low. On the upside, above 1.3259 minor resistance will turn intraday bias neutral first.
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.
