Daily Pivots: (S1) 1.2847; (P) 1.2872; (R1) 1.2907; More….
USD/CAD’s rise from 1.2526 resumed by breaking 1.2913 and reached as high as 1.2984 so far. Intraday bias is back on the upside for retesting 1.3124 resistance next. On the downside, break of 1.2802 support is now needed to indicate near term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.
