Daily Pivots: (S1) 0.9933; (P) 0.9977; (R1) 1.0032; More.
USD/CAD rises to as high as 1.0063 so far today and the break of 1.0053 resistance affirms the view that whole consolidation pattern from 1.0656 is finished already at 0.9799. Intraday bias remains on the upside for trend line resistance at 1.0109 next. Sustained there should confirm this bullish case and target 1.0522/0656 resistance zone next. On the downside, below 0.9997 minor support will turn bias neutral and bring consolidations. But downside should be contained above 0.9922 and bring another rally.
In the bigger picture, current development argues that the consolidation pattern from 1.0656 has completed with three waves down to 0.9799 already, ahead of 0.9725 support as expected. Rise from 0.9406 medium term bottom is possibly resuming. As noted before, price actions from 0.9406 could either be consolidation to fall from 1.3063 or the third leg of the whole consolidation pattern from 2007 low of 0.9056. In either case, another high above 1.0656 is anticipated and USD/CAD should reach 38.2% retracement of 1.3063 to 0.9406 at 1.0803 and above.
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