USD/CAD retreated after hitting 1.2876, but further rise is expected as long as 1.2680 support holds. Further rally should be seen to 1.2963 resistance first. Break there will target 1.3022 long term fibonacci level next. On the downside, however, break of 1.2680 will turn bias back to the downside for 1.2448 support instead.
In the bigger picture, focus stays on 38.2% retracement of 1.4667 (2020 high) to 1.2005 (2021 low) at 1.3022. Sustained break there should confirm that the down trend from 1.4667 has completed after defending 1.2061 long term cluster support. Further rise would then be seen towards 61.8% retracement at 1.3650. However, rejection by 1.3022 will maintain medium term bearishness. Break of 1.2005 will resume the down trend from 1.4667 and that carries larger bearish implications too.
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