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USD/CAD Weekly Outlook


USD/CAD’s up pattern prolonged larger final week and resumed after temporary retreat. Preliminary bias is again on the upside this week. subsequent goal is 161.8% projection of 1.2005 to 1.2947 from 1.2401 at 1.3925. Agency break there’ll goal 200% projection at 1.4285. On the draw back, break of 1.3601 minor help is required to point quick time period topping. In any other case, outlook will keep bullish in case of retreat.

Within the greater image, up pattern from 1.2005 (2021 low) remains to be in progress. Primarily based 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) ought to be seen subsequent. This can now stay the favored case so long as 1.3222 resistance turned help 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. This can stay the favored case so long as 1.2061 help holds, which is near 50% retracement of 0.9406 to 1.4689 at 1.2048.

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