USD/CAD’s up pattern continued final week and hit as excessive as 1.3976. As a brief prime was fashioned, preliminary bias is impartial this week for some consolidations. Outlook will keep bullish so long as 1.3501 assist holds. Agency break of 1.3976 will goal 200% projection of 1.2005 to 1.2947 from 1.2401 at 1.4285.
Within the greater image, up pattern from 1.2005 (2021 low) continues to be in progress. Based mostly on present impulsive momentum, it might be resuming long run up pattern from 0.9056 (2007 low). Whether or not it’s or it isn’t, retest of 1.4689 (2016 excessive) must be seen subsequent. It will now stay the favored case so long as 1.3222 resistance turned assist holds.
In the long term image, value actions from 1.4689 (2016 excessive) are seen as a consolidation sample solely, which could have accomplished at 1.2005. That’s, up pattern from 0.9506 (2007 low) is predicted to renew at a later stage. It will stay the favored case so long as 1.2061 assist holds, which is near 50% retracement of 0.9406 to 1.4689 at 1.2048.
