Daily Pivots: (S1) 1.2808; (P) 1.2860; (R1) 1.2902; More….
Despite edging higher to 1.2913, USD/CAD quickly retreated with 4 hour MACD staying below signal line. Intraday bias is turned neutral again for consolidations. For now, further rally is expected as long as 1.2748 minor support holds. Above 1.2913 will extend the rise from 1.2526 to retest 1.3124 high. However, break of 1.2748 will turn focus back to 1.2526 instead.
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.
