Daily Pivots: (S1) 1.3057; (P) 1.3084; (R1) 1.3098; More…
USD/CAD’s fall resumed after brief consolidation and intraday bias is back on the downside. Fall from 1.3382 should target 1.3016 key support next. on the upside, above 1.3122 minor resistance will turn intraday bias against first.
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.
