Intraday bias in USD/CAD is turned neutral first with current retreat. Some consolidations would be seen below 1.4247 temporary top. Downside should be contained 1.3965 resistance turned support to bring rally. Above 1.4247 will target 61.8% retracement of 1.4791 to 1.3480 at 1.4290. Sustained break there will pave the way to 1.4791 high.
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.
