USD/CAD’s fall from 1.4247 is in progress and intraday bias stays on the downside for 61.8% retracement of 1.3480 to 1.4247 at 1.3773. Rebound from 1.3480 might have completed with three waves up to 1.4247 already. Firm break of 1.3773 will pave the way back to retest 1.3480 low. On the upside, above 1.3963 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.4127 resistance holds, in case of recovery.
In the bigger picture, rejection below 61.8% retracement of 1.4791 to 1.3480 at 1.4290 suggests that the pattern from 1.4791 medium term is still extending. Firm break of 55 W EMA (now at 1.3883) will solidify this case, and bring deeper decline through 1.3480 low.
