Daily Pivots: (S1) 1.3489; (P) 1.3645; (R1) 1.3731; More….
USD/CAD’s decline from 1.4667 accelerated to as low as 1.3545 so far today. Intraday bias remains on the downside at this point. Next near term target is 100% projection of 1.4667 to 1.3855 from 1.4048 at 1.3236. On the upside, break of 1.3832 resistance is needed to indicate short term topping. Otherwise, outlook will stay mildly bearish in case of recovery.
In the bigger picture, 1.3664 cluster support (38.2% retracement of 1.2061 (2017 low) to 1.4667 at 1.3672) is taken out firmly. The development suggests that whole rise form 1.2061 has completed at 1.4667 after failing 1.4689 (2016 high). Fall from 1.4667 could be the third leg of the corrective pattern from 1.4689. Deeper fall is expected to 61.8% retracement at 1.3056 and possibly below.
