Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 15-June-2022

USD/CAD Daily Analysis

Intraday bias in USD/CAD remains on the upside for 1.3075 resistance. A firm break there will resume a medium-term rally and sustained trading above the 1.3022 Fibonacci level will carry larger bullish implications. The next target is a 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343. On the downside, below 1.2865 minor support will delay the bullish case and turn bias neutral first.

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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