USD/CAD’s strong break of 1.3938 resistance suggests that fall from 1.4247 has completed already. Intraday bias is now on the upside for 61.8% retracement of 1.4247 to 1.3730 at 1.4050. Firm break there till pave the way to retest 1.4247. On the downside, below 1.3931 minor support will turn intraday bias neutral first.
In the bigger picture, current rebound suggests that USD/CAD is still staying in medium term consolidation pattern from 1.3480. As long as 61.8% retracement of 1.4791 (2025 high) to 1.3480 at 1.4290 holds, an eventual break of 1.3480 is in favor. However, firm break of 1.4290 will dampen this view, and target 1.4791 high instead.
