Daily Pivots: (S1) 1.4210; (P) 1.4228; (R1) 1.4252; More…
Intraday bias in USD/CAD stays on the upside for the moment. Current rally is part of the larger up trend and should target 1.4391 projection level next. Considering bearish divergence condition in 4H MACD, break of 1.4119 support will indicate short term topping and bring deeper correction.
In the bigger picture, up trend from 1.2005 (2021) is in progress. Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3418 at 1.4391. Medium term outlook will remain bullish as long as 55 W EMA (now at 1.3706) holds, even in case of deep pullback.
