Daily Pivots: (S1) 1.3261; (P) 1.3293; (R1) 1.3316; More…
USD/CAD is losing some upside momentum as seen in 4 hour MACD. But further rise is expected as long as 1.3190 support holds. Current rise from 1.3042 is targeting 1.3347/82 resistance zone. Firm break there will suggest completion of consolidation from 1.3664.
In the bigger picture, 38.2% retracement of 1.2061 to 1.364 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 will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next.
