Daily Pivots: (S1) 1.2634; (P) 1.2655; (R1) 1.2670; More…
USD/CAD’s rise from 1.2286 resumed by breaking through 1.2743 temporary top today. Intraday bias is back on the upside for retesting 1.2894/2947 resistance zone. On the downside, break of 1.2639 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, medium term outlook is neutral for now. The pair drew support from 1.2061 cluster and rebounded. Yet, upside was limited below 38.2% retracement of 1.4667 to 1.2005 at 1.3022. On the upside, firm break of 1.3022 should affirm the case of medium term bullish reversal. However, break of 1.2286 will turn focus back to 1.2005 low again.
