Intraday bias in USD/CAD remains neutral at this point. On the upside, firm break of 1.4115 will suggest that pullback from 1.4247 has completed, ahead of 38.2% retracement of 1.3480 to 1.4247 at 1.3954. Retest of 1.4247 should be seen next. For now, outlook will remain bullish as long as 1.3954 holds, in case of another dip.
In the bigger picture, current development suggests that fall from 1.4791 has completed as a three wave correction to 1.3480. It’s still early to judge if rise from there a corrective bounce, or resumption of the larger up trend from 1.2005 (2021 low). But in either case, retest of 1.4791 high should be seen next.
