USD/CAD’s rally from 1.3549 is in progress and intraday bias stays on the downside. It’s seen as the third leg of the pattern from 1.3480 and should target 1.3965 resistance. On the downside, below 1.3793 minor support will turn intraday bias neutral again.
In the bigger picture, price actions from 1.4791 are seen as a corrective pattern to the whole up trend from 1.2005 (2021 low). Deeper fall could be seen, as the pattern extends, to 61.8% retracement of 1.2005 to 1.4791 at 1.3069. However, decisive break of 38.2% retracement of 1.4791 to 1.3480 at 1.3981 will argue that the correction has completed with three waves down to 1.3480 already.
