USD/CAD’s decline from 1.3897 lengthen to as little as 1.3486 final week and there’s no signal of bottoming but. Preliminary bias stays on the draw back this week for 1.3378 assist subsequent, which is near 61.8% retracement of 1.3091 to 1.3897 at 1.3399. Robust assist may very well be seen there to deliver rebound. In the meantime, on the upside, above 1.3625 minor resistance will flip intraday bias impartial once more first.
Within the greater image, rise from 1.3091 is seen because the fifth leg of the entire rise from 1.2005 (2021 low). Additional rally is anticipated so long as 1.3378 assist holds, to 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. Nonetheless, decisive break of 1.3378 will dampen this view and produce deeper fall again to 1.3091 as an alternative.
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 1.3126) holds.
