USD/CAD Daily Analysis
Intraday bias in USD/CAD remains on the upside at this point. The current up trend should target a 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343. For now, the outlook will stay bullish as long as 1.2935 support is intact, in case of retreat.
In the bigger picture, the firm break of 38.2% retracement of 1.4667 (2020 high) to 1.2005 (2021 low) at 1.3022 should confirm that downtrend from 1.4667 has been completed after defending 1.2061 long-term cluster support. The further rise should be seen to 61.8% retracement at 1.3650 next. This will now remain the favored case as long as 1.2516 support holds.
