USD/CAD Daily Analysis
Intraday bias in USD/CAD stays on the upside for the moment. The current rise from 1.2401 should target the 1.3022 Fibonacci level next. A decisive break there will carry larger bullish implications. In any case, the outlook will stay cautiously bullish as long as 1.2717 support is intact, in case of another retreat.
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. A further rise would then be seen towards 61.8% retracement at 1.3650. However, rejection by 1.3022 will maintain medium-term bearishness. A break of 1.2005 will resume the downtrend from 1.4667 and that carries larger bearish implications too.