Daily Pivots: (S1) 1.0697; (P) 1.0722; (R1) 1.0734;
Intraday bias in USD/CAD remains on the upside and the rebound from 1.0620 short term bottom should continue higher. Also, recent development suggests that , the corrective all from 1.1278 could have completed just ahead of 1.0608 cluster support and the medium term trend line. Break of 1.0813 resistance, which is close to 55 days EMA now, would confirm this bullish case and target 1.0960 resistance and above. In case of another fall, we'd continue to expect strong support from 1.0608 to bring reversal.
In the bigger picture, there is no clear sign that the whole up trend from 0.9633 and 0.9406 is reversing. We'll stay medium term bullish as long as 1.0608 support holds (61.8% retracement of 1.0181 to 1.1278 at 1.0600). Rise from 0.9406 is viewed as the third leg of the pattern from 0.9056 (2007 low) and is still expected to extend to 61.8% retracement of 1.3063 to 0.9406 at 1.1666 in medium term after completing the correction from 1.1278. However, sustained break of 1.0608 will argue that the medium term trend has reversed and will turn outlook bearish
Intraday bias in USD/CAD remains on the upside and the rebound from 1.0620 short term bottom should continue higher. Also, recent development suggests that , the corrective all from 1.1278 could have completed just ahead of 1.0608 cluster support and the medium term trend line. Break of 1.0813 resistance, which is close to 55 days EMA now, would confirm this bullish case and target 1.0960 resistance and above. In case of another fall, we'd continue to expect strong support from 1.0608 to bring reversal.
In the bigger picture, there is no clear sign that the whole up trend from 0.9633 and 0.9406 is reversing. We'll stay medium term bullish as long as 1.0608 support holds (61.8% retracement of 1.0181 to 1.1278 at 1.0600). Rise from 0.9406 is viewed as the third leg of the pattern from 0.9056 (2007 low) and is still expected to extend to 61.8% retracement of 1.3063 to 0.9406 at 1.1666 in medium term after completing the correction from 1.1278. However, sustained break of 1.0608 will argue that the medium term trend has reversed and will turn outlook bearish
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