Daily Pivots: (S1) 1.3451; (P) 1.3476; (R1) 1.3518; More…
USD/CAD rises notably today but it’s limited below 1.3521 resistance so far. Intraday bias remains neutral first. On the upside, firm break of 1.3521 will resume the whole rise from 1.3068 to retest 1.3664 high. On the downside, in case of another fall, downside should be contained by 1.3357 support to bring up trend resumption eventually.
In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3296). 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. However, sustained break of the channel support will be the first sign of medium term reversal. Firm break of 1.3068 would confirm.
