Daily Pivots: (S1) 1.3640; (P) 1.3678; (R1) 1.3728; More….

Intraday bias in USD/CAD remains mildly on the upside at this point. Rebound form 1.3315 is extending and should target 38.2% retracement of 1.4667 to 1.3315 at 1.3831. Sustained break there will argue that whole fall from 1.4667 has completed. Further rise should be seen to 61.8% retracement at 1.4151 and above. For now, further rise will remain in favor as long as 1.3485 support intact, in case of retreat.

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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.


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