Daily Pivots: (S1) 1.3362; (P) 1.3403; (R1) 1.3463; More

USD/CAD surges to as high as 1.3521 in early US session. Firm break of 1.3467 resistance confirms resumption of rise from 1.3068. Further rise should now be seen back to retest 1.3664 high and then 1.3685 key fibonacci level. On the downside, below 1.3437 minor support will turn intraday bias neutral and bring consolidation, before staging another rise.

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In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3221). Thus, the up trend from 1.2061 should be in progress. On the upside, decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will pave the way to 78.6% retracement at 1.4127 next. This will remain the favored case as long as 1.3068 support holds.


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