Daily Pivots: (S1) 1.3141; (P) 1.3171; (R1) 1.3203; More…
USD/CAD’s strong rise and breach for 1.3264 suggests resumption of recent rise from 1.2781. Intraday bias is back on the upside for 1.3385 resistance next. On the downside, break of 1.3141 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.
