Break of 1.4200 support suggests short term top bottoming in USD/CAD at 1.4298, on bearish divergence condition in 4H MACD, after hitting 1.4290 fibonacci level. Intraday bias is now on the downside for 38.2% retracement of 1.3730 to 1.4298 at 1.4081. For now, risk will be mildly on the downside as long as 1.4298 holds, in case of recovery.
In the bigger picture, current upward momentum suggests that rise from 1.3480 is reversing whole fall from 1.4791 (2025 high). Decisive break of 61.8% retracement of 1.4791 (2025 high) to 1.3480 at 1.4290 will pave the way back to retest 1.4791 high. Though, rejection by 1.4290, followed by sustained break of 55 W EMA (now at 1.3925) will revive medium term bearishness.
