USD/CAD’s deep decline final week argues that rise from 1.3091 might need accomplished at 1.3693 already. Fall from there’s most likely one other leg within the corrective sample from 1.3976 excessive. Preliminary bias stays impartial this week for consolidation above 1.3378 short-term low. However danger stays on the draw back so long as 1.3548 resistance holds. Beneath 1.3378 will goal 61.8% retracement of 1.3091 to 1.3693 at 1.3321.
Within the larger image, worth actions from 1.3976 are seen as a corrective sample to the up development from 1.2005 (2021 low). Deeper decline could possibly be seen because the sample is now extending. However draw back needs to be contained by 50% retracement of 1.2005 to 1.3796 at 1.2991. Rise from 1.2005 continues to be anticipated to renew after the correction completes.
In the long run 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 anticipated to renew at a later stage. It will stay the favored case as 55 M EMA (now at 1.3082) holds.
