Daily Pivots: (S1) 1.3180; (P) 1.3205; (R1) 1.3225; More…
USD/CAD’s fall resumed by taking out 1.3171 and hits as low as 1.3137 so far. Intraday bias is back on the downside. Break of 1.3133 support will target 100% projection of 1.3382 to 1.3133 from 1.3347 at 1.3098. Firm break there will target 1.3106 low. On the upside, break of 1.3239 resistance is needed to indicate short term bottoming. Otherwise, further fall is still expected in case of recovery.
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.
