Daily Pivots: (S1) 1.3062; (P) 1.3108; (R1) 1.3179; More….
Intraday bias in USD/CAD remains on the upside as rebound from 1.2951 is in progress for 1.3327 resistance. Considering bullish convergence condition in daily MACD, the corrective fall from 1.3664 might be finished as a triangle at 1.2951. Decisive break of 1.3327 will confirm this bullish case. On the downside, below 1.3104 minor support will turn intraday bias neutral first. But further rise For now, further rise will remain in favor as long as 1.3036 support holds.
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 50% retracement of 1.2061 to 1.3664 at 1.2863.
