USD/CAD Daily Analysis
Intraday bias in USD/CAD remains neutral at this point. On the upside, a decisive break of 1.3222 will resume a larger up trend from 1.2005. The next target is a 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343. On the downside, however, the break of 1.2952 will extend the corrective pattern from 1.3222 with another falling leg, back towards 1.2726 support instead.
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. The 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 1.2516 support holds.
