USD/CAD Daily Analysis
USD/CAD is still staying in the range of 1.3501/3976 and intraday bias remains neutral. As long as 1.3501 holds, further rise is still in favor. On the upside, a firm break of 1.3976 will target a 200% projection of 1.2005 to 1.2947 from 1.2401 at 1.4285. However, a firm break of 1.3501 will bring a deeper correction to 55 days EMA (now at 1.3433) and possibly below.
In the bigger picture, the up trend from 1.2005 (2021 low) is still in progress. Based on current impulsive momentum, it could be resuming a long-term up trend from 0.9056 (2007 low). Whether it is or isn’t, a retest of 1.4689 (2016 high) should be seen next. This will now remain the favored case as long as 1.3222 resistance turned support holds.