Daily Pivots: (S1) 1.3037; (P) 1.3052; (R1) 1.3073; More….

Intraday bias in USD/CAD remains neutral first and outlook is unchanged. With 1.3102 resistance intact, further decline is expected. On the downside, break of 1.2951 will resume larger decline to 100% projection of 1.3564 to 1.3016 from 1.3327 at 1.2779 next. However, sustained break of 1.3102 will confirm short term bottoming and target 55 day EMA (now at 1.3142) and above.

- advertisement -

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. However, structure of price actions from 1.3664 argues that it’s probably just a corrective move. Hence, while further fall is expected, downside should be contained by 61.8% retracement of 1.2061 to 1.364 at 1.2673. Nevertheless, sustained break of 1.2673 will put focus on 1.2061 low.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.