Daily Pivots: (S1) 1.3561; (P) 1.3601; (R1) 1.3673; More….
Intraday bias in USD/CAD remains neutral for the moment. Current strong rebound reaffirms near term bullishness that rebound from 1.3315 short term bottom is not over. On the upside, break of 1.3686 will turn bias to the upside for 38.2% retracement of 1.4667 to 1.3315 at 1.3831 next. However, break of 1.3485 minor support will turn bias back to the downside for retesting 1.3315 low. Decisive break of 1.3315 will resume whole decline from 1.4667.
In the bigger picture, the rise from 1.2061 (2017 low) could have completed at 1.4667 after failing 1.4689 (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. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.
