HomeForex UpdatesUSD/CAD Weekly Outlook - Motion Foreign exchange

USD/CAD Weekly Outlook – Motion Foreign exchange

USD/CAD rose to as excessive as 1.3077 final week. The breach of 1.3075 resistance means that rise from 1.2005 is resuming. Preliminary bias stays on the upside this week. Sustained buying and selling above 1.3022 fibonacci stage will carry bigger bullish implications. Subsequent goal is 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343. For now, outlook will keep bullish so long as 1.2859 assist holds, in case of retreat.

Within the greater image, focus stays on 38.2% retracement of 1.4667 (2020 excessive) to 1.2005 (2021 low) at 1.3022. Sustained break there ought to verify that the down development from 1.4667 has accomplished after defending 1.2061 long run cluster assist. Additional rise would then be seen in direction of 61.8% retracement at 1.3650. Nonetheless, rejection by 1.3022 will preserve medium time period bearishness.

In the long term image, value actions from 1.4689 (2016 excessive) are seen as a consolidation sample solely. That’s, up development from 0.9506 (2007 low) continues to be anticipated to renew at a later stage. This can stay the favored case so long as 1.2061 assist holds, which is near 50% retracement of 0.9406 to 1.4689 at 1.2048. Nonetheless, agency break of 1.2061 assist will argue that USD/CAD has already began a long run down development. Subsequent goal is 61.8% retracement of 0.9406 to 1.4689 at 1.1424.

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