Daily Pivots: (S1) 1.3521; (P) 1.3543; (R1) 1.3573; More….
USD/CAD’s rally resumed after brief consolidations and intraday bias is back on the upside for 1.3653 resistance first. Decisive break there will confirm that correction from 1.3976 has completed, a target a test on this high. On the downside, break of 1.3495 support is needed to indicate short term topping. Otherwise, outlook will remain cautiously bullish in case of retreat.
In the bigger picture, price actions from 1.3976 are viewed as a corrective fall only. Upon completion, rise from 1.2005 (2021 low) would resume through 1.3976. Next target is 61.8% projection of 1.2005 to 1.3976 from 1.3091 at 1.4309. In case of another fall, downside should be contained by 61.8% retracement of 1.2005 to 1.3976 at 1.2758.
