Daily Pivots: (S1) 1.3417; (P) 1.3480; (R1) 1.3552; More…
USD/CAD’s rally is still in progress and intraday bias stays on the upside. Current up trend should target medium term fibonacci level at 1.3650. On the downside, below 1.3343 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, down trend from 1.4667 (2020 high) should have completed at 1.2005, after defending 1.2061 long term cluster support. Rise from there should target 61.8% retracement of 1.4667 to 1.2005 (2021 low) at 1.3650. This will remain the favored case now as long as 1.2716 support holds.
