Daily Pivots: (S1) 1.2651; (P) 1.2678; (R1) 1.2729; More…
USD/CAD’s rise from 1.2286 continues today and hit as high as 1.2715 so far. Intraday bias stays on the upside for 1.2894/2947 resistance zone next. On the downside, break of 1.2583 minor support is needed to be the first sign of short term topping. Otherwise, near term outlook will stay mildly bullish in case of retreat.
In the bigger picture, medium term outlook is neutral for now. The pair drew support from 1.2061 cluster and rebounded. Yet, upside was limited below 38.2% retracement of 1.4667 to 1.2005 at 1.3022. On the upside, firm break of 1.3022 should affirm the case of medium term bullish reversal. However, break of 1.2286 will turn focus back to 1.2005 low again.
