Daily Pivots: (S1) 1.0298; (P) 1.0336; (R1) 1.0380; More.

Some volatility is seen in USD/CAD in early US session but it's still staying in tight range above 1.0296 and intraday bias remains neutral for the moment. Nevertheless, the choppy consolidation from 1.0851 is still in favor to continue as long as 1.0576 resistance and break of 1.0296 will bring another fall. However, downside is expected to be contained above 1.0205 low and bring reversal. Considering mild bullish convergence condition in 4 hours MACD, break of 1.0576 will suggest that the choppy consolidation has complete and will flip intraday bias back tot he upside for 1.0744 resistance for confirmation.

In the bigger picture, a medium term bottom might be in place at 1.0205 with bullish convergence conditions in daily MACD. As noted before, fall from 1.3063 is viewed as a correction to long term rise from 0.9056. Such correction might have already completed with three waves down to 1.0205 already (1.0784, 1.1732, 1.0205). Break of 1.1123 resistance will confirm this case and target 61.8% retracement of 1.3063 to 1.0205 at 1.1971 at least. On the downside, break of 1.0205 will invalidate this view and bring down trend resumption to parity instead.

USD/CAD