Daily Pivots: (S1) 1.3110; (P) 1.3141; (R1) 1.3158; More….

Further rise is expected in USD/CAD as long as 1.3104 minor support holds. 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 However, break of 1.3104 will turn bias back to the downside for 1.3036 support instead.

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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.

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