Daily Pivots: (S1) 1.3587; (P) 1.3608; (R1) 1.3634; More….
USD/CAD’s rally resumed by breaking through 1.3664 and intraday bias is back on the upside. Further rise should be seen to retest 1.3976 high next. Decisive break there will resume larger up trend. For now, outlook will remain bullish as long as 1.3554 support holds, in case of retreat.
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.
