Daily Pivots: (S1) 1.3292; (P) 1.3312; (R1) 1.3353; More….
USD/CAD’s break of 1.3329 suggests resumption of whole rally from 1.2951. Current development also affirm the case that triangle consolidation pattern from 1.3664 has completed at 1.2951. Intraday bias is now on the upside for 61.8% projection of 1.2951 to 1.3329 from 1.3202 at 1.3436 first. Break will target 100% projection at 1.3580 next. For now, near term outlook will remain bullish as long as 1.3202 support holds, in case of retreat.
In the bigger picture, price actions from 1.3664 (2018 high) is seen as a corrective move that has probably completed. Rise from 1.2061 (2017 low) might be ready to resume. Decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will pave the way to retest 1.4689 high. However, break of 1.3202 support could extend the corrective with another fall through 1.2951 before completion.
