Daily Pivots: (S1) 1.4390; (P) 1.4493; (R1) 1.4593; More…
USD/CAD’s break of 1.4516 resistance indicates resumption of larger rally. Intraday bias is back on the upside for 1.4667/89 key resistance zone. Strong resistance might be seen there to limit upside on first attempt. But break of 1.4260 support is needed to confirm short term topping. Otherwise, outlook will stay bullish in case of retreat. Decisive break of 1.4689 will confirm long term up trend resumption.
In the bigger picture, up trend from 1.2005 (2021) is in progress for retesting 1.4667/89 key resistance zone (2020/2015 highs). Decisive break there will confirm long term up trend resumption. Next target is 100% projection of 1.2401 to 1.3976 from 1.3418 at 1.4993. Medium term outlook will remain bullish as long as 1.3976 resistance turned holds (2022 high), even in case of deep pullback.
