Daily Pivots: (S1) 1.3246; (P) 1.3286; (R1) 1.3366; More…
USD/CAD’s break of 1.3310 resistance suggests resumption of rebound from 1.3133. Intraday bias is back on the upside for 1.3382 resistance first. Break will resume whole rise from 1.3016 and target 1.3564 resistance next. For now, near term outlook will stay cautiously bullish as long as 1.3206 support holds, in case of retreat.
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.
