Daily Pivots: (S1) 1.3781; (P) 1.3871; (R1) 1.4035; More….
USD/CAD’s rally extend further to 1.3961 and met 200% projection projection of 1.2951 to 1.3329 from 1.3202 at 1.3958. There is no clear sign of topping yet. Intraday bias stays on the upside for now. Next upside target is 261.8% projection at 1.4192. On the downside, though, break of 1.3707 minor support will indicate short term topping and bring lengthier consolidations first.
In the bigger picture, rise from 1.2061 (2016 low) is still in progress. Sustained break of 61.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.3941 will pave the way to 100% projection at 1.4554, which is close to 1.4689 (2016 high). For now, this will remain the favored case as long as 1.3329 resistance turned support holds, in case of deep pull back.