Daily Pivots: (S1) 1.3363; (P) 1.3395; (R1) 1.3440; More….
USD/CAD recovered ahead of 1.3315 low and intraday bias is turned neutral first. Further decline could be seen as long as 1.3490 support turned resistance holds. Break of 1.3315 will resume whole fall from 1.4667 to 1.3056 long term retracement level. However, firm break of 1.3490 will now suggests completion of the fall from 1.3715. Intraday bias will be turned back to the upside for this resistance instead.
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.
