Daily Pivots: (S1) 1.3239; (P) 1.3255; (R1) 1.3266; More…
USD/CAD formed a temporary top at 1.3270 and retreated. Intraday bias is turned neutral for some consolidations first. Downside should be contained by 1.3159 minor support to bring another rally. Above 1.3270 will turn intraday bias to the upside and extend the rise from 1.3042 to 1.3347/82 resistance zone. However, break of 1.3159 will indicate completion of the rebound and turn bias back to the downside for 1.3042 support.
In the bigger picture, 38.2% retracement of 1.2061 to 1.364 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.
