USD/CAD Daily Analysis
Consolidative trading continues in USD/CAD and intraday bias remains neutral. Further decline is mildly in favor with 1.2945 minor resistance intact. Below 1.2766 will resume the fall from 1.3222 to 1.2818 support next. On the upside, above 1.2945 minor resistance will revive near-term bullishness, and 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.
