Daily Pivots: (S1) 1.3775; (P) 1.3803; (R1) 1.3845; More…
USD/CAD is losing some upside momentum as seen in 4 hour MACD. But further rise is still expected with 1.3701 minor support intact. Current up trend should target 161.8% projection of 1.2005 to 1.2947 from 1.2401 at 1.3925. Decisive break there will target 200% projection at 1.4285. On the downside, below 1.3701 will turn bias to the downside for 1.3501 support instead.
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.
