Daily Pivots: (S1) 1.3713; (P) 1.3776; (R1) 1.3895; More…
Intraday bias in USD/CAD stays on the upside at this point. Current up trend should target 161.8% projection of 1.2005 to 1.2947 from 1.2401 at 1.3925. Firm break there will target 200% projection at 1.4285. On the downside, break of 1.3601 minor support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.
In the bigger picture, up trend from 1.2005 (2021 low) is still in progress. Based on current impulsive momentum, it could be resuming long term up trend from 0.9056 (2007 low). Whether it is or it isn’t, retest of 1.4689 (2016 high) should be seen next. This will now remain the favored case as long as 1.3222 resistance turned support holds.
