USD/CAD Daily Analysis
Intraday bias in USD/CAD is turned neutral with the current retreat. But risks stay on the upside as long as 1.3320 support holds. The pullback from 1.3704 should have been completed. On the upside, above 1.3519 will target a test on 1.3704 first. Firm break there will resume the whole rebound from 1.3224.
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).
