Daily Pivots: (S1) 1.3052; (P) 1.3072; (R1) 1.3092; More…
Intraday bias in USD/CAD remains on the downside and further fall could be seen to 1.3016 key support. Based on diminishing downside momentum as seen in 4 hour MACD, downside could be contained there to bring rebound first. On the upside, above 1.3122 minor resistance will turn bias to the upside for recovery. However, decisive break of 1.3016 will carry larger bearish implications.
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.
