Daily Pivots: (S1) 1.3137; (P) 1.3196; (R1) 1.3237; More…
USD/CAD’s pull back from 1.3264 extends lower today. But it’s, after all, staying above 1.3056 support as well as inside near term channel. Intraday bias remains neutral and another rise remains in favor. On the upside, above 1.3264 will extend the rally from 1.2781 to retest 1.3385 high. However, break of 1.3056 will indicate near term reversal and turn outlook bearish.
In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.
