Day by day Pivots: (S1) 1.3651; (P) 1.3713; (R1) 1.3787; Extra…
Intraday bias in USD/CAD stays on the upside for the second. Present rally ought to goal 161.8% projection of 1.2005 to 1.2947 from 1.2401 at 1.3925. Agency break there’ll goal 200% projection at 1.4285. On the draw back, beneath 1.3638 minor assist will flip intraday bias impartial and produce consolidations first, earlier than staging one other rally.
Within the larger image, up development from 1.2005 (2021 low) remains to be in progress. Based mostly on present impulsive momentum, it may very well be resuming long run up development from 0.9056 (2007 low). Whether or not it’s or it isn’t, retest of 1.4689 (2016 excessive) ought to be seen subsequent. This can now stay the favored case so long as 1.3222 resistance turned assist holds.
