Daily Pivots: (S1) 1.4198; (P) 1.4229; (R1) 1.4292; More….
USD/CAD’s rally accelerates to as high as 1.4667 so far. Intraday bias remains on the upside with focus on 1.4689 key resistance. Decisive break there will confirm larger up trend resume. Next target is 1.5545 medium term projection level. On the downside, break of 1.4168 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, rise from 1.2061 is likely resuming whole up trend from 0.9056 (2007 low). Decisive break of 1.4689 will confirm. Next medium term target is 161.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.5545. Rejection form 1.4689 will bring some consolidations first. But outlook will remain bullish as long as 1.3664 resistance turned support holds, even in case of deep pull back.
