Daily Pivots: (S1) 1.3820; (P) 1.3919; (R1) 1.4105; More….
USD/CAD’s rally resumed after brief consolidation and intraday bias is back on the upside. Current rise should target 261.8% projection of 1.2951 to 1.3329 from 1.3202 at 1.4192. On the downside, break of 1.3726 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, rise from 1.2061 (2016 low) is still in progress. Sustained break of 61.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.3941 will pave the way to 100% projection at 1.4554, which is close to 1.4689 (2016 high). For now, this will remain the favored case as long as 1.3329 resistance turned support holds, in case of deep pull back.
