Daily Pivots: (S1) 1.3940; (P) 1.3974; (R1) 1.4019; More…
USD/CAD’s rally resumed by breaking through 1.4104 and intraday bias is back on the upside. Further rally should be seen to 61.8% projection of 1.3418 to 1.4104 from 1.3930 at 1.4354 next. For now, outlook will stay bullish as long as 1.3930 support holds, in case of retreat.
In the bigger picture, up trend from 1.2005 (2021) is resuming with break of 1.3976 key resistance (2022 high). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3418 at 1.4391. Now, medium term outlook will remain bullish as long as 1.3418 support holds, even in case of deep pullback.
