USD/CAD’s recovery stalled at 1.3891 and intraday bias remains neutral. Stronger rise cannot be ruled out, but upside should be limited by 38.2% retracement of 1.4247 to 1.3730 at 1.3927. On the downside, below 1.3823 minor support will bring retest of 1.3730 first. Firm break there will resume the fall from 1.4247 to retest 1.3480 low.
In the bigger picture, the pattern from 1.4791 (2025 high) is still extending, with fall from 1.4247 as the third leg. Firm break of 1.3480 will pave the way to 100% projection of 1.4791 to 1.3480 from 1.4247 at 1.2936. For now, medium term risk will stay on the downside as long as 1.4247 resistance holds, in case of rebound.
