Daily Pivots: (S1) 1.3010; (P) 1.3046; (R1) 1.3077; More…
USD/CAD formed a temporary after hitting 1.3081 and intraday bias is turned neutral first. Further rally is expected as long as 1.2971 minor support holds. For now, 1.2879 key fibonacci level remains intact and thus, larger rise from 1.2061 is expected to resume after consolidation from 1.3385 completes. Break of 1.3081 will target 1.3225 resistance structure resistance next. On the downside, however, break of 1.2971 minor support will turn focus back on 1.2879 fibonacci level.
In the bigger picture, focus is back on 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level. As long as it holds, rise from 2017 low at 1.2061 is still in progress. Break of 1.3384 should target 61.8% retracement of 1.4689 (2015 high) to 1.2061 (2017 low) at 1.3685. However, sustained break of 1.2879 will dampen his bullish view and turn focus back to 61.8% retracement at 1.2567, which is close to 1.2526 support.
