Daily Pivots: (S1) 1.3270; (P) 1.3295; (R1) 1.3313; More….
Intraday bias in USD/CAD is turned neutral with current retreat. Focus stays on 1.3327 key resistance. As noted before, corrective pattern from 1.3664 should have completed as a triangle at 1.2951. Sustained break of 1.3327 resistance should confirm this bullish case and pave the way for retest of 1.3664 high. However, break of 1.3262 will indicate short term topping and bring deeper pull back to 55 day EMA (now at 1.3178).
In the bigger picture, price actions from 1.3664 (2018 high) is seen as a corrective move that has probably completed. Rise from 1.2061 (2017 low) might be ready to resume. Decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will pave the way to retest 1.4689 high.
