USD/CAD Daily Analysis
USD/CAD is losing some downside momentum as seen in 4-hour MACD. But a further decline is expected with 1.2988 minor resistance intact. On the downside, the break of 1.2818 support will bring a deeper fall back to 1.2516 key support. On the upside, above 1.2988 minor resistance will turn bias back to the upside for retesting 1.3222 instead.
In the bigger picture, the downtrend from 1.4667 (2020 high) should have been completed at 1.2005, after defending 1.2061 long-term cluster support. The rise from there should target a 61.8% retracement of 1.4667 to 1.2005 (2021 low) at 1.3650. This will remain the favored case now as long as 1.2516 support holds.
