Daily Pivots: (S1) 1.3495; (P) 1.3527; (R1) 1.3576; More…
USD/CAD’s rally from 1.3716 resumed by breaking through 1.3613 resistance and intraday bias is back on the upside. Current rise should target channel resistance at 1.3664 first. Sustained break there would prompt upside acceleration towards 1.3897 resistance next. For now, near term outlook will stay bullish as long as 1.3477 support holds, in case of retreat.
In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern only. In case of another fall, strong support should emerge above 1.2947 resistance turned support to bring rebound. Overall, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 at a later stage.
