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USD/CAD Weekly Outlook

usd/cad-weekly-outlook

USD/CAD’s rally from 1.3091 resumed final week however retreated after hitting 1.3693. Preliminary bias stays impartial this week for some consolidations first. Outlook is unchanged that correction from 1.3976 has accomplished at 1.3091. Additional rally is anticipated so long as 1.3488 assist holds. Above 1.3693 will resume the rally from 1.3091 to 1.3860 resistance, after which 1.3976 excessive.

Within the larger image, worth actions from 1.3976 are considered as a corrective sample solely. Upon completion, rise from 1.2005 (2021 low) would resume via 1.3976. Subsequent goal is 61.8% projection of 1.2005 to 1.3976 from 1.3091 at 1.4309. For now, this may stay the favored case so long as 55 D EMA (now at 1.3445) holds.

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 anticipated to renew at a later stage. This may stay the favored case as 55 M EMA (now at 1.3082) holds.

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