Intraday bias in USD/CAD remains on the downside for retesting 1.3730 low. Firm break there will resume the whole fall from 1.4247 to retest 1.3480 low. On the upside, above 1.3836 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.3938 resistance holds, in case of recovery.
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.
