Daily Pivots: (S1) 1.3357; (P) 1.3395; (R1) 1.3416; More…
A temporary top is in place at 1.3432 in USD/CAD and intraday bias is turned neutral first. Another rise remains in favor with 1.3328 minor support intact. Above 1.3432 will resume the rebound from 1.3239 to 1.3564 resistance next. On the downside, below 1.3328 minor support will turn intraday bias back to the downside for 1.3239 support instead.
In the bigger picture, outlook is turned mixed after USD/CAD drew strong support from 55 week EMA (now at 1.3232) and rebounded. Nevertheless, sustained break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685, is needed to confirm resumption of up trend from 1.2061 (2017 low), towards 1.4689. Otherwise, medium term outlook will stay neutral first. Break of 1.3239 will revive the case of medium term topping at 1.3664. And, decisive break of 1.3068 cluster support (38.2% retracement of 1.2061 to 1.3664 at 1.3052) will confirm and pave the way to 61.8% retracement at 1.2673 next.
