Daily Pivots: (S1) 1.4159; (P) 1.4194; (R1) 1.4256; More…
USD/CAD’s rally resumed after brief consolidations and intraday bias is back on the upside. Current rise is part of the larger up trend and should target 1.4391 projection level. On the downside, below 1.4119 support will turn intraday bias neutral again and bring consolidations again, 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.
