Daily Pivots: (S1) 1.3678; (P) 1.3698; (R1) 1.3727; More…
USD/CAD’s rebound from 1.3588 resumed by breaking 1.3707 temporary top and intraday bias back on the upside. Outlook is unchanged that corrective pattern from 1.3845 might have completed with three waves to 1.3588, after hitting 38.2% retracement of 1.3716 to 1.3845 at 1.3589 twice. Further rise is expected to 1.3790 resistance first. Break there will larger rise from 1.3716 is ready to resume through 1.3845.
In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern. In case of another fall, strong support should emerge above 1.2947 resistance turned support to bring rebound. Firm break of 1.3976 will confirm up resumption of whole up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3176 at 1.4149.
