Daily Pivots: (S1) 1.4051; (P) 1.4117; (R1) 1.4171; More….
Intraday bias in USD/CAD is turned neutral with 4 hour MACD crossed below signal line. Overall outlook is unchanged that price actions from 1.4667 are forming a corrective pattern. In case of another fall, downside should be contained by 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound. On the upside, above 1.4182 will turn bias to the upside for 1.4349 resistance. Break there will target a test on 1.4667/89 resistance zone.
In the bigger picture, rise from 1.2061 is likely resuming whole up trend from 0.9056 (2007 low). Decisive break of 1.4689 will confirm this bullish case. Next medium term target is 161.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.5545. Rejection by 1.4689 will bring some consolidations first. But outlook will remain bullish as long as 1.3664 resistance turned support holds, even in case of deep pull back.
