Daily Pivots: (S1) 1.3322; (P) 1.3361; (R1) 1.3386; More…
USD/CAD is staying in consolidation from 1.3467 and intraday bias remains neutral first. More sideway consolidation could still be seen but upside breakout is expected sooner or later. On the upside, firm break of 1.3467 will confirm this bullish case and target 1.3664 resistance next. However, decisive break of 1.3250 will turn bias back to the downside for 1.3068/3112 support zone instead.
In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3212). Thus, even though upside momentum and structure are unconvincing, further rise is still in favor. Decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 will pave the way to retest 1.4689 (2015 high). However, firm break of the channel support should indicate bearish reversal, after rejection by 1.3793, and bring deeper fall to 1.3068 support for confirmation.
