Daily Pivots: (S1) 1.2969; (P) 1.2988; (R1) 1.3008; More….
With 4 hour MACD crossed above signal line, intraday bias in USD/CAD is turned neutral for some consolidations. Upside of recovery should be limited below 1.3102 support turned resistance to bring fall resumption. On the downside, break of 1.2951 will target 1.2673 fibonacci level next.
In the bigger picture, rise from 1.2061 (2017 low) could have completed at 1.3664, after failing 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. With 38.2% retracement of 1.2061 to 1.364 at 1.3052 firmly taken out, further fall should be seen to 61.8% retracement at 1.2673 next. For now, risk will remain on the downside as long as 1.3327 resistance holds, even in case of strong rebound.
