Daily Pivots: (S1) 1.3157; (P) 1.3177; (R1) 1.3194; More…
USD/CAD’s rebound from 1.3042 resumed by taking out 1.3208 and reaches as high as 1.3231 so far. Intraday bias is back on the upside for 1.3347/82 resistance zone next. on the downside, break of 1.3159 minor support will turn intraday bias neutral again first. For now, further rally would remain in favor as long as 1.3042 support holds.
In the bigger picture, 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 will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next.
