Daily Pivots: (S1) 1.3841; (P) 1.3866; (R1) 1.3899; More…
USD/CAD’s rally continues today and intraday bias stays on the upside. Current rise from 1.3176 should target r 61.8% projection of 1.3176 to 1.3845 from 1.3588 at 1.4025 next. For now break of 1.3786 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern, that might have completed at 1.3176 (2023 low) already. Firm break of 1.3976 will confirm resumption of whole up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3176 at 1.4149. This will be the favored case as long as 1.3588 support holds, in case of pullback.
