Daily Pivots: (S1) 1.0491; (P) 1.0547; (R1) 1.0629

At this point, intraday bias in USD/CAD remains on the upside with 1.0462 minor support intact/ Current rise from 1.0223 is still expected to continue to 1.0744 resistance next. Break there will also affirm the bullish view that choppy correction from 1.0851 has finished too. Stronger rise should then be seen to this 1.0851 resistance next. On the downside, below 1.0462 minor support will indicate that a short term top is possibly in place and bring consolidation. But downside should be contained above 1.0313 support and bring rally resumption.

In the bigger picture, we're still favoring the case that whole medium term fall from 1.3063, which is viewed as a correction to long term rise from 0.9056, has completed at 1.0205 already. Break of 1.0851 will confirm this case by completing a double bottom reversal pattern (1.0205, 1.0223). In such case stronger rally should be seen to 61.8% retracement of 1.3063 to 1.0205 at 1.1971 at least. Also, in such case, we'll tentatively treat rise from 1.0205 as resumption of the whole up trend from 2007 low of 0.9056 and focus on the structure of the rise from 1.0205 for confirmation.

USD/CAD