USD/CAD Intraday Signal: Expect a Return Toward 1.3740
Analysis:
USD/CAD trades with a bearish intraday bias while remaining capped below the pivot resistance at 1.3790. Sellers continue to defend this level, favoring a corrective move toward 1.3740, followed by the secondary downside target at 1.3720 in extension. Price action shows repeated rejection near resistance, reinforcing the downside scenario.
As long as 1.3790 acts as a ceiling, the probability of a pullback toward 1.3740 remains elevated. The short-term structure supports further downside unless buyers manage to reclaim the pivot decisively.
Alternatively, a sustained break above 1.3790 would invalidate the bearish setup and open the path toward 1.3815 and 1.3840, where higher resistance zones are located.
Trade Setup:
Enter: Short below 1.3790
Stop-Loss (SL): 1.3815
Target A: 1.3740
Target B: 1.3720
