Daily Pivots: (S1) 1.3719; (P) 1.3757; (R1) 1.3832; More….
USD/CAD has met 161.8% projection of 1.2951 to 1.3329 from 1.3202 at 1.3814. While upside momentum is diminishing, there is no sign of topping yet. Intraday bias stays on the upside 200% projection at 1.3958 next. On the downside, break of 1.3681 minor support will indicate short term topping and bring lengthier consolidations first.
In the bigger picture, price actions from 1.3664 (2018 high) are seen as a corrective move that has completed at 1.2951. Rise from 1.2061 (2017 low) should be ready to resume. Decisive break 1.3664 will target 61.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.3941 next. For now, this will remain the favored case as long as 1.3202 support holds, in case of deep pull back.
