Intraday bias in USD/CAD is turned neutral first with current recovery. On the downside, below 1.3906 will extend the fall from 1.4247 to 61.8% retracement of 1.3480 to 1.4247 at 1.3773. However, firm break of 1.4002 support turned resistance will turn bias back to the upside for stronger rebound.
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.
