Daily Pivots: (S1) 1.2805; (P) 1.2839; (R1) 1.2875; More….
USD/CAD’s rally from 1.2526 resumes by taking out 1.2899 and hits as high as 1.2910 so far. Intraday bias is back on the upside for 1.3124 resistance. On the downside, below 1.2804 minor support will turn intraday bias neutral again and bring another consolidation.
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.
