Daily Pivots: (S1) 1.3839; (P) 1.3921; (R1) 1.3965; More….
USD/CAD is staying in corrective pattern from 1.4667 and deeper fall would be seen through 1.3855 support. However, downside should be contained by 1.3762/3 cluster to bring rebound (61.8% retracement of 1.3202 to 1.4667 at 1.3762, 61.8% projection of 1.4667 to 1.3855 from 1.4265 at 1.3763). On the upside, break of 1.4265 will turn bias back to the upside for retesting 1.4667 high. However, sustained break of 1.3762/3 will pave the way to 100% projection at 1.3453.
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 this bullish case. Next medium term target is 161.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.5545. Rejection by 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.
