USD/CAD's rebound from 1.1761 extends further to as high as 1.2312 in early US session. The decisive break of inner trend line resistance argues that fall from 1.3005 has completed at 1.1761. At this point, intraday bias remains on the upside as long as 1.2139 minor support holds. Break will confirm this case and bring retest of 1.3005/15 resistance zone. On the downside, below 1.2139 will turn intraday outlook neutral first.
In the bigger picture, there is no confirmation of completion of medium term up trend from 0.9056 yet. Such rise is expected to be developing into a five wave sequence (1.0378, 0.9823, 1.3015, ......) Though, recent development, with weekly MACD crossed below signal line, suggests that consolidation from 1.3015, which should be the fourth wave consolidation, is still in progress. Another fall could be seen to 1.1464 support and below. Though downside is expected to be contained by 50% retracement of 0.9823 to 1.3015 at 1.1419 and bring medium term up trend resumption. Above 1.3005/15 will pave the way towards 61.8% retracement of 1.6196 to 0.9056 at 1.3469 before making a medium term top.
On the downside, however, decisive break of 1.1419 will dampen this view and argue that a medium term top is possibly in place at 1.3015 already and much deeper decline could then be seen back to support zone of 0.9709/1.0378.