USD/CAD Daily Analysis
Intraday bias in USD/CAD is turned neutral as it continued to lose downside momentum. Strong support could be seen from 1.3207 cluster support (61.8% retracement of 1.2726 to 1.3976 at 1.3204) to bring a rebound. A break of 1.3494 support turned resistance will turn bias back to the upside. However, a sustained break of 1.3204/7 will carry larger bearish implications and target 1.2952 support next.
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, firm break of 1.3222/3 will indicate that the trend might have reversed. A deeper fall would be seen to the next cluster support at 1.2726 (61.8% retracement at 1.2758).
