Daily Pivots: (S1) 1.3485; (P) 1.3516; (R1) 1.3551; More…
USD/CAD rose to as high as 1.3546 and the breach of 1.3521 resistance suggests that larger rise from 1.3068 is resuming. Intraday bias is back on the upside for retesting 1.3664 high. For now, break of 1.3429 support is needed to be the first sign of near term reversal. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3321). Thus, the up trend from 1.2061 (2017 low) 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. However, sustained break of the channel support will be the first sign of medium term reversal. Firm break of 1.3068 would confirm.
