The USD/CAD pair is consolidating within a range above 1.3730, with a neutral intraday bias. The decline from the 1.4247 high is ongoing. Should the price break below 1.3730, it is likely to retest the 1.3480 low. Conversely, a decisive breach of 1.3927 would reverse the bias to upside, signaling a stronger rebound.
On a broader scale, the structure that began at the 1.4791 peak in 2025 is still unfolding, with the drop from 1.4247 representing the third leg. A firm break below 1.3480 could open the path to a 100% projection of the 1.4791‑to‑1.3480 move, targeting 1.2936. Until then, medium‑term risk remains tilted to the downside while the 1.4247 resistance holds.
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