Daily Pivots: (S1) 1.3188; (P) 1.3224; (R1) 1.3255; More….
Intraday bias in USD/CAD remains on the downside at this point. Current fall from 1.4667 should target long term fibonacci level at 1.3056. On the upside, break of 1.3398 resistance should indicate short term bottoming and turn bias back to the upside for 1.3715 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 1.3715 resistance holds. However, sustained break of 1.3715 will turn focus back to 1.4689 key resistance.
