Daily Pivots: (S1) 1.4125; (P) 1.4195; (R1) 1.4276; More….

Intraday bias in USD/CAD remains on the upside at this point. Corrective decline from 1.4667 should have completed at 1.3855. Break of 1.4349 resistance will pave the way to 1.4667/4689 key resistance zone. On the downside, break of 1.4005 minor support will extend the correction with another fall. But downside should be contained by 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound.

- advertisement -

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.