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The USD/CAD pair is expected to continue its downward trend, with a potential deeper fall to the 61.8% retracement level at 1.3773. The rebound from 1.3480 to 1.4247 is considered a three-wave completion, indicating a possible reversal. The intraday bias remains on the downside, but a move above 1.4002 could turn the bias neutral. The pair's movement is crucial for traders, as it can impact the overall forex market. A decline in USD/CAD could lead to a stronger Canadian dollar, affecting trade balances and commodity prices. On the other hand, a rise in the pair could lead to a weaker Canadian dollar, making exports more competitive. The USD/CAD pair is highly sensitive to economic indicators, such as GDP growth, inflation rates, and interest rate decisions. Traders should closely monitor these factors to make informed decisions. As the pair approaches the 61.8% retracement level, traders should be cautious of a potential bounce or break, which could lead to significant price movements. The USD/CAD pair's movement will be influenced by the overall market sentiment, and traders should consider the broader market trends when making their decisions.
