USD/CAD Daily Analysis
Intraday bias in USD/CAD stays on the upside for 1.2984 resistance. Firm break there will argue that corrective fall from 1.3222 has completed with three waves down to 1.2726. Further rally would be seen back to retest 1.3222 high. On the downside, touching 4 hours 55 EMA (now at 1.2840) will turn intraday bias neutral first.
In the bigger picture, the downtrend from 1.4667 (2020 high) should have been completed at 1.2005, after defending 1.2061 long-term cluster support. The rise from there should target a 61.8% retracement of 1.4667 to 1.2005 (2021 low) at 1.3650. This will remain the favored case now as long as 1.2516 support holds.
