Daily Pivots: (S1) 1.2947; (P) 1.2989; (R1) 1.3029; More….
USD/CAD dropped to as low as 1.2951 so far and there is no sign of bottoming. Intraday bias stays on the downside at this point. Current fall should now target 1.2673 fibonacci level next. ON the upside, above 1.3053 minor resistance will turn intraday bias neutral, and bring consolidations before staging another decline.
In the bigger picture, rise from 1.2061 (2017 low) could have completed at 1.3664, after failing 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. With 38.2% retracement of 1.2061 to 1.364 at 1.3052 firmly taken out, further fall should be seen to 61.8% retracement at 1.2673 next. For now, risk will remain on the downside as long as 1.3327 resistance holds, even in case of strong rebound.
