Daily Pivots: (S1) 1.2673; (P) 1.2718; (R1) 1.2806; More….
USD/CAD’s rally continues to as high as 1.2839 so far. Firm break of 1.2814 support turned resistance invalidates our bearish view. Pull back from 1.3124 should be completed at 1.2526 already. And rise from 1.2061 low is not completed. Intraday bias stays on the upside for 1.3124 resistance next. On the downside, below 1.2749 minor support will turn intraday bias neutral first.
In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.
