Daily Pivots: (S1) 1.3308; (P) 1.3323; (R1) 1.3351; More…
USD/CAD failed to break through 1.3347 and consolidation is extending. Intraday bias remains neutral first. Further rise is expected as long as 1.3206 support holds. Break of 1.3347 will target 1.3382 resistance first. Break will resume whole rise from 1.3016. However, break of 1.3206 will turn bias to the downside for 1.3133 support 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.
