Daily Pivots: (S1) 1.3067; (P) 1.3095; (R1) 1.3119; More…
A temporary low is formed at 1.3071 in USD/CAD with 4 hour MACD crossed above signal line. Intraday bias is turned neutral first but further decline is expected as long as 1.3239 resistance holds. On the downside, break of 1.3071 will target 1.3016 key support next. Decisive break there will carry larger bearish implications. However, break of 1.3239 will suggests that whole fall from 1.3382 has completed and bring retest of this resistance.
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.
