USD/CAD’s rally resumed after brief consolidation and accelerates higher today. Intraday bias is back on the upside for 61.8% retracement of 1.4791 to 1.3480 at 1.4290 next. On the downside, below 1.4023 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, current development suggests that fall from 1.4791 has completed as a three wave correction to 1.3480. It’s still early to judge if rise from there a corrective bounce, or resumption of the larger up trend from 1.2005 (2021 low). But in either case, retest of 1.4791 high should be seen next.
