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USD/CAD Weekly Outlook


USD/CAD’s rebound from 1.3091 prolonged greater final week and it’s now urgent 1.3386 resistance. Sustained break of 1.3386 will argue that entire correction from 1.3976 has accomplished with three waves right down to 1.3091. Additional rally would then be seen to 1.3653 resistance subsequent. Nonetheless, rejection by 1.3386, adopted by break of 1.3260 minor assist, ought to resume bigger decline via 1.3091 low.

Within the greater image, worth actions from 1.3976 are considered as a corrective fall solely. Upon completion, rise from 1.2005 (2021 low) would resume via 1.3976 in the direction of 1.4667/89 long run resistance zone. In case of one other fall, draw back needs to be contained by 61.8% retracement of 1.2005 to 1.3976 at 1.2758.

In the long term image, worth actions from 1.4689 (2016 excessive) are seen as a consolidation sample solely, which could have accomplished at 1.2005. That’s, up development from 0.9506 (2007 low) is predicted to renew at a later stage. This may stay the favored case as 55 M EMA (now at 1.3057) holds.

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