Daily Pivots: (S1) 1.3775; (P) 1.3803; (R1) 1.3845; More…
USD/CAD’s rally re-accelerates again and met 161.8% projection of 1.2005 to 1.2947 from 1.2401 at 1.3925. Initial bias stays on the upside. Sustained trading above 1.3925 will pave the way to 200% projection at 1.4285. On the downside, below 1.3776 minor support will turn intraday bias neutral first. But outlook will remain bullish as long as 1.3501 support holds.
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.
