USD/CAD’s rally continues today and intraday bias stays on the upside. Current rise from 1.3480 should target 61.8% retracement of 1.4791 to 1.3480 at 1.4290. Sustained break there will pave the way to 1.4791 high. On the downside, below 1.4140 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.
