USD/CAD Daily Analysis
Intraday bias in USD/CAD remains the downside for the deeper decline. But strong support would be seen above 1.3224 to contain the downside. Above 1.3483 minor resistance will turn bias back to the upside for 1.3704 resistance. However, a sustained break of 1.3222/4 cluster support will resume the whole fall from 1.3976 and carry larger bearish implications.
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).
