Daily Pivots: (S1) 1.3239; (P) 1.3319; (R1) 1.3360; More

USD/CAD’s sharp decline through 1.3239 support confirms resumption of fall from 1.3564. The development also revise the case of medium term reversal. Intraday bias is back on the downside for 1.3052/68 cluster support next. For now, risk will remain on the downside as long as 1.3432 resistance holds, in case of recovery.

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In the bigger picture, medium term outlook stays neutral for now even though the case of bearish reversal is building up. Decisive break of 1.3068 cluster support (38.2% retracement of 1.2061 to 1.3664 at 1.3052) will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next. On the upside, sustained break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685, is needed to confirm resumption of up trend from 1.2061 (2017 low). Otherwise, risk will stay on the downside.

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