Daily Pivots: (S1) 1.3100; (P) 1.3141; (R1) 1.3196; More…
USD/CAD’s break of 1.3170 suggest that recent rebound from 1.2781 has resumed. Intraday bias is back on the upside for 1.3225 key near term resistance. Decisive break there will confirm completion of choppy fall from 1.3385 and target a retest on this high. For now, near term outlook will remain bullish as long as 1.3056 support holds, in case of retreat. But break of 1.3056 will indicate near term reversal and turn focus back to 1.2781 low.
In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.
