Daily Pivots: (S1) 1.3215; (P) 1.3244; (R1) 1.3296; More…
USD/CAD’s rise from 1.3042 resumed by taking out 1.3270 resistance and hits as high as 1.3287 so far. Intraday bias is back on the upside for 1.3347/82 resistance zone. Firm break there will suggest completion of consolidation from 1.3664. On the downside, break of 1.3190 support is needed to indicate completion of the rebound. Otherwise, near term outlook will stay cautiously bullish in case of retreat.
In the bigger picture, 38.2% retracement of 1.2061 to 1.364 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 will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next.
