USD/CAD edged higher to 1.3329 last week but failed to sustained above 1.3327 key resistance and retreated. Initial bias is mildly on the downside for retreat to 55 day EMA (now at 1.3180). But downside should be contained above 1.3104 resistance turned support to bring rise resumption. On the upside, sustained break of 1.3327 should confirm completion of consolidation pattern from 1.3664. Further rise should be seen to retest 1.3664 high.
In the bigger picture, price actions from 1.3664 (2018 high) is seen as a corrective move that has probably completed. Rise from 1.2061 (2017 low) might be ready to resume. Decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will pave the way to retest 1.4689 high. However, break of 1.3104 resistance turned support will extend the corrective with another fall through 1.2951 before completion.
In the longer term picture, outlook remains unchanged that price actions from 1.4689 (2016 high) are forming a corrective pattern. As long as 1.2061 support holds. Up trend from 0.9406 (2011 low) is in favor to resume through 1.4689 at a later stage.
