Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 21-June-2022

USD/CAD Daily Analysis

Intraday bias in USD/CAD is turned neutral as it failed to sustain above 1.3075 resistance and retreated. The further rise will remain in favor as long as 1.2859 support holds. On the upside, the break of 1.3077 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.

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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