Daily Pivots: (S1) 1.2808; (P) 1.2834; (R1) 1.2857; More….
USD/CAD surges to as high as 1.2896 so far and intraday bias remains on the upside. Break of 1.2942 resistance will extend the rally from 1.2526 towards 1.3124 next. On the downside, below 1.2811 minor support will turn intraday bias neutral first. But for now, further rise will be expected as long as 4 hour 55 EMA (now at 1.2735) holds.
In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.
