USD/CAD Daily Analysis
The intraday bias for USD/CAD remains neutral as there is a continued consolidation from 1.3860. The retreat to the downside should be contained by the support turned resistance at 1.3664 to allow for another rally. If there is a break of 1.3860, then the rally from 1.3261 will resume with a retest of the high at 1.3976. However, if there is a firm break of 1.3664, it will complicate the near-term outlook and bring about a deeper pullback first.
Looking at the bigger picture, the uptrend from 1.2005 (2021 low) is still ongoing. If there is a break of 1.3976, it will confirm the resumption of the uptrend and target the 61.8% projection of 1.2401 to 1.3976 from 1.3261 at 1.4234. A firm break at this level will pave the way to the long-term resistance zone at 1.4667/89 (2016, 2020 highs). On the downside, a break of 1.3261 support is necessary to confirm medium-term topping. Otherwise, the outlook will remain bullish even in the case of a deep pullback.
