Daily Pivots: (S1) 1.3122; (P) 1.3137; (R1) 1.3154; More….
We’re favoring the case the a short term bottom is formed at 1.3016 in USD/CAD, after drawing support from 1.3052/68 cluster support. Further rise is expected for 55 day EMA (now at 1.3212). For now, further rise will remain in favor in the near term as long as 1.3016 support holds, in case of retreat.
In the bigger picture, decisive break of 1.3068 cluster support (38.2% retracement of 1.2061 to 1.3664 at 1.3052) will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next. On the upside, 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). Otherwise, risk will stay on the downside.
