USD/CAD’s fall from 1.4247 continues today and intraday bias stays on the downside for 61.8% retracement of 1.3480 to 1.4247 at 1.3773. Firm break there will target a retest on 1.3480 low. On the upside, above 1.3957 minor resistance will turn intraday bias neutral again first.
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 1.3882) will solidify this case, and bring deeper decline through 1.3480 low.
