Daily Pivots: (S1) 1.3383; (P) 1.3433; (R1) 1.3466; More….
USD/CAD’s decline is still in progress and intraday bias stays on the downside for 1.3315 support. Break there will resume whole fall from 1.4667 to 1.3056 long term retracement level. On the upside, above 1.3490 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.3646 resistance holds, in case of recovery.
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 of 1.2061 to 1.4667 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.
