Daily Pivots: (S1) 1.3728; (P) 1.3861; (R1) 1.3940; More….
Intraday bias in USD/CAD remains neutral for consolidation below 1.3995 temporary top. Deeper retreat might be seen but downside should be contained well above 1.3329 resistance turned support to bring rally resumption. Break of 1.3995 will pave the way to 261.8% projection of 1.2951 to 1.3329 from 1.3202 at 1.4192.
In the bigger picture, rise from 1.2061 (2016 low) is still in progress. Sustained break of 61.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.3941 will pave the way to 100% projection at 1.4554, which is close to 1.4689 (2016 high). For now, this will remain the favored case as long as 1.3329 resistance turned support holds, in case of deep pull back.
