Daily Pivots: (S1) 1.3820; (P) 1.3919; (R1) 1.4105; More….
USD/CAD surges to as high as 1.4164 so far and intraday bias remains on the upside. Next target is 261.8% projection of 1.2951 to 1.3329 from 1.3202 at 1.4192. Sustained break there will pave the way to medium term projection at 1.4554. On the downside, below 1.3960 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.
In the bigger picture, rise from 1.2061 (2016 low) is still in progress. Next upside target is 100% projection of 1.2061 to 1.3664 from 1.2951 at 1.4554, which is close to 1.4689 (2016 high). Initial resistance could be seen between 1.4554/4689 to bring pull back. Decisive break there will confirm long term up trend resumption.
