Daily Pivots: (S1) 1.3881; (P) 1.3920; (R1) 1.3989; More….
USD/CAD recovers strongly after dipping to 1.3850 but stays below 1.4265 resistance. Intraday bias remains neutral first. Corrective fall from 1.4667 could still extend lower. But downside should be contained by 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound. Meanwhile, break of 1.4265 will indicate completion of the correction. Intraday bias will be turned back to the upside for retesting 1.4667.
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.
