USD/CAD Intraday Outlook and Analysis
The intraday bias in USD/CAD stays on the downside for now, and a further fall is anticipated as long as the 1.3652 support-turned-resistance holds. The current decline from 1.3862 could be viewed as the third leg of the corrective pattern from 1.3978, targeting 1.3226. However, strong support should appear around this level, prompting a rebound.
In the bigger picture, the uptrend from 1.2007 (2021 low) remains in progress. Breaking 1.3978 will confirm the resumption and target the 61.8% projection of 1.2403 to 1.3978 from 1.3263 at 1.4236. A firm break above this level will pave the way to the long-term resistance zone at 1.4669/91 (2016, 2020 highs). On the downside, a sustained break of the 55-week EMA (now at 1.3285) is required to confirm medium-term topping. Otherwise, the outlook will stay bullish, even in the case of a deep pullback.