USD/CAD Daily Analysis
USD/CAD’s fall from 1.3075 is still in progress and intraday bias stays on the downside for 1.2401 support. A firm break there will argue that the whole rebound from 1.2005 has been completed. A deeper fall would then be seen to retest this low. On the upside, though, above 1.2884 minor resistance will revive near-term bullishness and turn bias back to the upside for the 1.3075 high.
In the bigger picture, the focus stays on 38.2% retracement of 1.4667 (2020 high) to 1.2005 (2021 low) at 1.3022. A sustained break there should confirm that the downtrend from 1.4667 has been completed after defending 1.2061 long-term cluster support. A further rise would then be seen towards 61.8% retracement at 1.3650. However, rejection by 1.3022 will maintain medium-term bearishness. A break of 1.2005 will resume the downtrend from 1.4667 and that carries larger bearish implications too.