Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 04-July-2022

USD/CAD Daily Analysis

Intraday bias in USD/CAD remains neutral for the moment. On the downside, the break of 1.2818 minor support will resume the fall from 1.3077 to 1.2516 support. On the upside, the break of 1.3077 and sustained trading above the 1.3022 Fibonacci level will carry more enormous bullish implications, and bring up trend resumption.

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.

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