Daily Pivots: (S1) 1.3455; (P) 1.3472; (R1) 1.3496; More….
USD/CAD’s rebound from 1.3299 extends higher today and focus is now on 1.3552 resistance. Firm break there will argue that fall form 1.3860 has completed. More important, that would also indicate completion of the three-wave corrective pattern from 1.3976 too. Intraday bias will be back on the upside for 1.3860/3976 resistance zone.
In the bigger picture, the up trend from 1.2005 (2021 low) is still in progress. Break of 1.3976 will confirm resumption and target 61.8% projection of 1.2401 to 1.3976 from 1.3261 at 1.4234. Firm break there will pave the way to long term resistance zone at 1.4667/89 (2016, 2020 highs). On the downside, sustained break of 55 W EMA (now at 1.3282) is needed to confirm medium term topping. Otherwise, outlook will remain bullish even in case of deep pull back.
