Daily Pivots: (S1) 1.3126; (P) 1.3159; (R1) 1.3184; More…
USD/CAD’s fall from 1.3382 resumed after brief consolidations. Intraday bias is back on the downside for retesting 1.3016 low. On the upside, break of 1.3247 is needed to signal completion of the fall. Otherwise, further decline is still in favor in case of recovery. However, break of 1.3247 turn focus back to 1.3382 resistance instead.
In the bigger picture, key cluster support of 1.3068 (38.2% retracement of 1.2061 to 1.3664 at 1.3052) remains intact. Medium term rise from 1.2061 low is in favor to resume sooner or later. Firm break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will confirm and target 1.4689 high. However, sustained break of 1.3052/68 will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next.
