Detailed FX Market Outlook and Analysis

USD/CAD Daily Analysis 26-APR-2022

USD/CAD Daily Analysis

Intraday bias in USD/CAD remains on the upside with 1.2652 minor support intact. Rebound from 1.2401 should target 1.2899 resistance next. On the downside, however, the break of 1.2652 minor support will mix up the near-term outlook and turn intraday bias neutral again.

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. Further rise would then be seen towards 61.8% retracement at 1.3650. However, rejection by 1.3022 will maintain medium-term bearishness. Break of 1.2005 will resume the downtrend from 1.4667 and that carries larger bearish implications too.

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