USD/CAD’s rally from 1.3730 continues today and intraday bias stays on the upside. Next target is a retest on 1.4247 high. On the downside, below 1.4023 minor support will turn intraday bias neutral again first.
In the bigger picture, current rebound suggests that USD/CAD is still staying in medium term consolidation pattern from 1.3480. As long as 61.8% retracement of 1.4791 (2025 high) to 1.3480 at 1.4290 holds, an eventual break of 1.3480 is in favor. However, firm break of 1.4290 will dampen this view, and target 1.4791 high instead.
