USD/CAD Daily Analysis
USD/CAD’s rally resumed after brief consolidations and intraday bias is back on the upside. The current up trend should target the medium-term Fibonacci level at 1.3650. On the downside, the break of 1.3225 minor support is needed to indicate short-term topping. Otherwise, the outlook will stay bullish in case of retreat.
In the bigger picture, the downtrend from 1.4667 (2020 high) should have completed at 1.2005, after defending 1.2061 long-term cluster support. 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 1.2716 support holds.