Daily Pivots: (S1) 1.3220; (P) 1.3260; (R1) 1.3285; More

Upside momentum in USD/CAD is a bit unconvincing as seen in 4 hour MACD. But further rise is expected as long as 1.3209 minor support holds, for 1.3382 resistance. Break will resume whole rise from 1.3016 and target 1.3564 resistance next. However, break of 1.3209 will turn bias back to the downside for 1.3016 low.

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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.


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