Each day Pivots: (S1) 1.3650; (P) 1.3813; (R1) 1.3920; Extra…
USD/CAD retreated notably after rising to 1.3976 and intraday bias is turned impartial first. Outlook will keep bullish so long as 1.3501 assist holds. Agency break of 1.3976 will goal 200% projection of 1.2005 to 1.2947 from 1.2401 at 1.4285. Nevertheless, contemplating bearish divergence situation in four hour and each day MACD, break of 1.3501 will verify brief time period topping,and produce deeper pull again to 55 day EMA (now at 1.3337).
Within the greater image, up pattern from 1.2005 (2021 low) remains to be in progress. Primarily based on present impulsive momentum, it might be resuming long run up pattern 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. It will now stay the favored case so long as 1.3222 resistance turned assist holds.
