USD/CAD stayed in consolidation below 1.3310 last week. Initial bias remains neural this week first. Further rise will remain mildly in favor as long as 1.3209 minor support holds. On the upside, above 1.3310 will target 1.3382 resistance first. Break will resume the whole rise from 1.3016 and target 1.3564 resistance next. However, break of 1.3209 will dampen our bullish view and turn bias back to the downside for 1.3016 low.
In the bigger picture, key cluster support of 1.3068 (38.2% retracement of 1.2061 to 1.3664 at 1.3052) remains intact. Medium term rise from 1.2061 low is in favor to resume sooner or later. Firm break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will confirm and target 1.4689 high. However, sustained break of 1.3052/68 will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next.
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) in in favor to resume through 1.4689 at a later stage.
