Daily Pivots: (S1) 1.2818; (P) 1.2859; (R1) 1.2940; More…
USD/CAD’s rise from 1.2516 is in progress and intraday bias stays on the upside for 1.3075 resistance. Sustained trading above 1.3022 fibonacci level will carry larger bullish implications. On the downside, below 1.2751 minor support will turn intraday bias neutral first.
In the bigger picture, focus stays on 38.2% retracement of 1.4667 (2020 high) to 1.2005 (2021 low) at 1.3022. Sustained break there should confirm that the down trend from 1.4667 has completed after defending 1.2061 long term cluster support. Further rise would then be seen towards 61.8% retracement at 1.3650. However, rejection by 1.3022 will maintain medium term bearishness. Break of 1.2005 will resume the down trend from 1.4667 and that carries larger bearish implications too.
