USD/CAD Daily Analysis
Intraday bias in USD/CAD stays neutral with a focus on 1.2971 support. Firm break there will argue that the corrective pattern from 1.3222 is extending with another falling leg. A deeper decline would be seen back to 1.2726 support. On the upside, a decisive break of 1.3222 will resume a larger up trend from 1.2005.
In the bigger picture, the downtrend from 1.4667 (2020 high) should have 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.
