Daily Pivots: (S1) 1.3708; (P) 1.3771; (R1) 1.3826; More….
USD/CAD fall resumes after brief consolidation and intraday bias is back on the downside. Focus remains on whether the pair decisive break 1.3664 key cluster support on next fall. On the upside, above 1.3832 minor resistance will turn intraday bias neutral first. Further break of 1.4048 resistance will indicate near term bottoming and turn outlook bullish for stronger rise.
In the bigger picture, focus is now on 1.3664 cluster support (38.2% retracement of 1.2061 (2017 low) to 1.4667 at 1.3672. As long as this support holds, rise for 1.2061 is seen as in progress and should resume through 1.4667/4689 resistance zone at a later stage. However, sustained break of 1.3664 will argue that consolidation from 1.4689 (2016 high) is extending with another fall leg. Deeper decline would be seen to 61.8% retracement at 1.3056 and possibly below.
