Daily Pivots: (S1) 1.4118; (P) 1.4147; (R1) 1.4200; More…
USD/CAD’s breach of 1.4177 resistance suggests that larger up trend is resuming. Intraday bias is back on the upside for further rally to 1.4391 projection level. On the downside, below 1.4092 minor support will delay the bullish case, and bring more consolidations first, before staging another rally.
In the bigger picture, up trend from 1.2005 (2021) is in progress. 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.
