Daily Pivots: (S1) 1.3196; (P) 1.3232; (R1) 1.3301; More…
USD/CAD rises sharply after BoC statement and break of 1.3359 resistance confirms resumption of rise from 1.2781. Intraday bias is back on the upside with focus on 1.3385 resistance. Decisive break there will confirm resumption of medium term up trend. Next target is 1.3685 fibonacci level. On the downside, though, break of 1.3160 support will indicate rejection by 1.3385 resistance and turn near term outlook bearish.
In the bigger picture, up trend from 1.2061 (2017 low) is still in progress decisive break of 1.3385 will pave the way to 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. In case correction from 1.3382 extend with another falling leg, downside should be contained by 50% retracement of 1.2061 to 1.3385 at 1.2723 to bring rebound.
