USD/CAD Daily Analysis
Intraday bias in USD/CAD stays neutral for consolidation below 1.3831 temporary top Downside of retreat should be contained well above 1.3222 support turned resistance to bring another rally. A break of 1.3831 will resume the recent up trend to 161.8% projection of 1.2005 to 1.2947 from 1.2401 at 1.3925. The firm break there will target a 200% projection at 1.4285.
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 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.
