Daily Pivots: (S1) 1.2988; (P) 1.3019; (R1) 1.3055; More…
USD/CAD’s strong break of 1.3082 confirms up trend resumption . Intraday bias is back on the upside. Next target is 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343. For now, outlook will stay bullish as long as 1.2935 support intact, in case of retreat.
In the bigger picture, the firm break of 38.2% retracement of 1.4667 (2020 high) to 1.2005 (2021 low) at 1.3022 should confirm that down trend from 1.4667 has completed after defending 1.2061 long term cluster support. Further rise should be seen to 61.8% retracement at 1.3650 next. This will now remain the favored case as long as 1.2516 support holds.
