USD/CAD stayed in vary buying and selling above 1.3091 final week and outlook is unchanged. Preliminary bias stays impartial this week first. Additional decline is predicted so long as 1.3386 resistance holds. Break of 1.3091 will resume bigger fall and goal 61.8% projection of 1.3653 to 1.3115 from 1.3386 at 1.3054. Nonetheless, agency break of 1.3386 will point out close to time period reversal and switch outlook bullish.
Within the larger image, value actions from 1.3976 are seen as a correction to up pattern from 1.2005 (2021 low) solely. Besides, deeper decline is predicted so long as 1.3386 resistance holds. Additional fall might be seen to 61.8% retracement of 1.2005 to 1.3976 at 1.2758. In the meantime, break of 1.3386 might be an indication that the correction has accomplished and convey stronger rally again to retest 1.3976.
In the long run 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. This may stay the favored case as 55 M EMA (now at 1.3048) holds.
