Daily Pivots: (S1) 1.2774; (P) 1.2816; (R1) 1.2890; More….
Intraday bias in USD/CAD remains on the upside for the moment. The rise from 1.2526 is expected to extend to 1.3124 resistance next. On the downside, below 1.2749 minor support will turn intraday bias neutral first. But for now, further rise will be expected as long as 1.2526 support holds.
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.
