USD/CAD Daily Analysis
Intraday bias in USD/CAD remains neutral for the moment. The favored case is still that correction from 1.3976 has been completed at 1.3224. Above 1.3699 will resume the rebound from there to 1.3807 resistance and then retest 1.3976 high. However, the break of 1.3383 support will dampen this case and bring a retest of 1.3224 low instead.
In the bigger picture, as long as 1.3222 cluster support (38.2% retracement of 1.2005 to 1.3976 at 1.3223) holds, the larger up trend from 1.2005 (2021 low) is still expected to resume through the 1.3976 high at a later stage. However, a firm break of 1.3222/3 will indicate that the trend might have reversed. A deeper fall would be seen in the next cluster support at 1.2726 (61.8% retracement at 1.2758).
