Daily Pivots: (S1) 1.3362; (P) 1.3413; (R1) 1.3449; More….
USD/CAD’s break of 1.3374 minor support suggests temporary topping at 1.3464, after hitting 61.8% projection of 1.2951 to 1.3329 from 1.3202 at 1.3436. Intraday bias is turned neutral for consolidations. But downside of retreat should be contained well above 1.3202 support to bring another rise. On the upside, break of 1.3464 will target 100% projection at 1.3580 next.
In the bigger picture, price actions from 1.3664 (2018 high) are seen as a corrective move that has likely completed. Rise from 1.2061 (2017 low) might be ready to resume. Decisive break 1.3664 will target 61.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.3941 next. For now, this will remain the favored case as long as 1.3202 support holds, in case of deep pull back.
