Intraday bias in USD/CAD remains on the downside at this point. Fall from 1.4298 should target 38.2% retracement of 1.3480 to 1.4298 at 1.3985. Firm break there should indicate that rise from 1.3480 has completed as a corrective move. Further decline should be then seen to 61.8% retracement at 1.3792 next. On the upside, above 1.4111 minor resistance will turn intraday bias neutral first.
In the bigger picture, rise from 1.3480 could have completed at 1.4298, after rejection at 61.8% retracement of 1.4791 (2025 high) to 1.3480 at 1.4290. Sustained break of 55 W EMA (now at 1.3925) will solidify this bearish case. More importantly, that would argue that fall from 1.4791 (2025 high) is still in progress for resuming through 1.3480 at a later stage.
