Daily Pivots: (S1) 1.3470; (P) 1.3495; (R1) 1.3507; More…
With 4 hour MACD crossed below signal line, a temporary top is in place at 1.3521. intraday bias in USD/CAD is turned neutral for consolidation first. Downside of retreat should be contained by 1.3399 minor support to bring rise resumption. On the upside, above 1.3521 will resume the rise from 1.3068 and target 1.3664 high and then 1.3685 key fibonacci level.
In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3221). Thus, the up trend from 1.2061 (2017 low) should be in progress. On the upside, decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will pave the way to 78.6% retracement at 1.4127 next. This will remain the favored case as long as 1.3068 support holds.
