Daily Pivots: (S1) 1.3165; (P) 1.3264; (R1) 1.3314; More…
Intraday bias in USD/CAD remains on the downside for 1.3180 low. Fall from 1.3664 is possibly resuming. Break of 1.3180 will confirm this bearish case and target 61.8% projection of 1.3664 to 1.3180 from 1.3375 at 1.3076 next. In case of recovery, risk will remains on the downside as long as 1.3375 resistance holds.
In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) is not clearly impulsive so far. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3036) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).
