USD/CAD Daily Analysis
Intraday bias in USD/CAD remains neutral for the moment. Further rise is mildly in favor with 1.2818 support intact. On the upside, the break of 1.3082 and sustained trading above the 1.3022 Fibonacci level will carry larger bullish implications, and bring up trend resumption. The next target is a 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343. On the downside, the break of 1.2818 minor support will bring a deeper fall back to 1.2516 support instead.
In the bigger picture, focus stays on 38.2% retracement of 1.4667 (2020 high) to 1.2005 (2021 low) at 1.3022. Sustained break there should confirm that the down trend from 1.4667 has 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.