Daily Pivots: (S1) 1.3988; (P) 1.4093; (R1) 1.4185; More….
USD/CAD’s breach of 1.4005 minor support dampens our bullish view. Instead, the development suggests that corrective pattern from 1.4667 is still extending. Intraday bias is back on the downside for 1.3855 support and possibly below. But downside should be contained by 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound. On the upside, above 1.4265 will revive the case that correction from 1.4667 has completed, and turn bias back to the upside for retesting 1.4667 high.
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.
