Daily Pivots: (S1) 1.3474; (P) 1.3530; (R1) 1.3575; More….
Intraday bias in USD/CAD remains on the downside at this point. Decline from 1.4667 is in progress and should target 100% projection of 1.4667 to 1.3855 from 1.4048 at 1.3236 next. On the upside, break of 1.3832 resistance is needed to indicate short term topping. Otherwise, outlook will stay mildly bearish in case of recovery.
In the bigger picture, current development suggests that whole rise from 1.2061 (2017 low) has completed at 1.4667, after failing (2016 high). Fall from 1.4667 could be the third leg of the corrective pattern from 1.4689. Deeper fall is expected to 61.8% retracement at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds.
