USD/CAD dipped to 1.4279 last week as consolidation from 1.4466 extended, but quickly rebounded. Initial bias remains neutral this week first, and further rally is expected. Break of 1.4466 will resume larger up trend to 1.4667/89 long term resistance zone. However, break of 1.4279 will extend the corrective pattern with another falling leg.
In the bigger picture, up trend from 1.2005 (2021) is in progress for retesting 1.4667/89 key resistance zone (2020/2015 highs). Medium term outlook will remain bullish as long as 1.3976 resistance turned holds (2022 high), even in case of deep pullback.
In the longer term picture, price actions from 1.4689 (2016 high) are seen as a consolidation pattern, which might have completed at 1.2005. That is, up trend from 0.9506 (2007 low) is expected to resume at a later stage. This will remain the favored case as long as 1.3418 support holds.
