USD/CAD’s decline from 1.4247 resumed after brief consolidations and intraday bias is back on the downside. Break of the falling channel fall suggests downside acceleration, and affirm the case that rebound from 1.3480 has completed with three waves up to 1.4247. Next target is 61.8% retracement of 1.3480 to 1.4247 at 1.3773. On the upside, above 1.3957 minor resistance will turn intraday bias neutral again first.
In the bigger picture, rejection below 61.8% retracement of 1.4791 to 1.3480 at 1.4290 suggests that the pattern from 1.4791 medium term is still extending. Firm break of 55 W EMA (now at 1.3883) will solidify this case, and bring deeper decline through 1.3480 low.
