Intraday bias in USD/CAD remains mildly on the downside at this point. Sustained break of 38.2% retracement of 1.3480 to 1.4298 at 1.3986 will extend the fall from 1.4298 to 61.8% retracement at 1.3792 next. On the upside, above 1.4080 minor resistance will turn intraday bias neutral first.
In the bigger picture, current development argues that corrective rebound from 1.3480 has completed at 1.4298 after hitting 61.8% retracement of 1.4791 (2025 high) to 1.3480 at 1.4290. Sustained break of 55 W EMA (now at 1.3927) will solidify this case. That would in turn indicate that fall from 1.4791 might be ready to resume. Retest of 1.3480 low should be seen next. For now, risk will stay on the downside as long as 1.4298 holds.
