Daily Pivots: (S1) 1.3162; (P) 1.3230; (R1) 1.3268; More…
Intraday bias in USD/CAD remains on the downside at this point. As noted before, rise from 1.3042 should have completed at 1.3327. Deeper fall would be seen back to 1.3042 low. Decisive break there will carry larger bearish implications. On the upside, above 1.3202 minor resistance will turn intraday bias neutral first. But recovery should be limited below 1.3327 and bring another fall.
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.
