Daily Pivots: (S1) 1.2688; (P) 1.2729; (R1) 1.2777; More…
USD/CAD’s rise from 1.2448 resumed by breaking 1.2795 resistance. Intraday bias is back on the upside for 1.2963 resistance first. Break there will target 1.3022 long term fibonacci level next. For now, outlook will remain bullish as long as 1.2680 support holds, in case of retreat.
In the bigger picture, focus stays on 38.2% retracement of 1.4667 (2020 high) to 1.2005 (2021 low) at 1.3022. Sustained break there should confirm that the down trend from 1.4667 has completed after defending 1.2061 long term cluster support. Further rise would then be seen towards 61.8% retracement at 1.3650. However, rejection by 1.3022 will maintain medium term bearishness. Break of 1.2005 will resume the down trend from 1.4667 and that carries larger bearish implications too.
