Daily Pivots: (S1) 1.3534; (P) 1.3600; (R1) 1.3672; More….
USD/CAD’s rally from 1.3261 is in progress and intraday bias stays on the upside for 1.3684 resistance. As noted before, corrective pattern from 1.3976 should have completed at 1.3261. Firm break of 1.3684 will bring retest of 1.3976 high. In case of retreat, further rally will remain in favor as long as 1.3515 support holds.
In the bigger picture, outlook stays bullish with 1.3222 cluster support (38.2% retracement of 1.2005 to 1.3976 at 1.3223) intact. Break of 1.3976 resistance will resume larger up trend from 1.2005 (2021 low) to 61.8% projection of 1.2401 to 1.3976 from 1.3261 at 1.4234.
