Daily Pivots: (S1) 1.3068; (P) 1.3103; (R1) 1.3125; More…
USD/CAD’s fall is still in progress and intraday bias remains on the downside for 1.3016 low. Decisive break there will carry larger bearish implications. Next downside target will be 1.2781 support. On the upside, above 1.3145 minor resistance will turn bias neutral first. In this case, we’ll look at the structure of any subsequent rebound to assess the chance of bottoming.
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.
