Daily Pivots: (S1) 1.4387; (P) 1.4465; (R1) 1.4559; More…
USD/CAD’s rise from 1.4150 continues today and intraday bias stays on the upside. Further rally should be seen to retest 1.4791 high. Strong resistance might be seen there to limit upside on first attempt. But decisive break there will confirm resumption of larger up trend. On the downside, below 1.4368 minor support will turn intraday bias neutral again first.
In the bigger picture, long term up trend is tentatively seen as resuming with prior breach of 1.4667/89 key resistance zone (2020/2015 highs). Next target is 100% projection of 1.2401 to 1.3976 from 1.3418 at 1.4993. This will remain the favored case as long as 1.3976 resistance turned support holds (2022 high), even in case of deep pullback.
