Daily Pivots: (S1) 1.3313; (P) 1.3348; (R1) 1.3374; More…
USD/CAD drops sharply in early US session but stays well above 1.3247 minor support so far. Intraday bias remains neutral first. Further rise is expected as long as 1.3247 minor support holds. On the upside, above 1.3382 will extend the rebound from 1.3016 to 1.3564/3664 resistance zone. However, firm break of 1.3247 will turn bias back to the downside for 1.3016 instead.
In the bigger picture, key cluster support of 1.3068 (38.2% retracement of 1.2061 to 1.3664 at 1.3052) remains intact. Medium term rise from 1.2061 low is in favor to resume sooner or later. Firm break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will confirm and target 1.4689 high. However, sustained break of 1.3052/68 will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next.
