USD/CAD’s strong rally last week suggests that corrective pull back from 1.4791 has already completed at 1.4150. Initial bias stays on the upside this week for retesting 1.4791. Strong resistance might be seen there to limit upside on first attempt. But decisive break there will confirm resumption of larger up trend. On the downside, below 1.4398 minor support will turn intraday bias neutral again first.
In the bigger picture, long term up trend is tentatively seen as resuming with prior breach of 1.4667/89 key resistance zone (2020/2015 highs). Next target is 100% projection of 1.2401 to 1.3976 from 1.3418 at 1.4993. This will remain the favored case as long as 1.3976 resistance turned support holds (2022 high), even in case of deep pullback.
In the longer term picture, up trend from 0.9506 (2007 low) is in progress and possibly resuming. Next target is 61.8% projections of 0.9406 to 1.4689 from 1.2005 at 1.5270. While rejection by 1.4689 will delay the bullish case, further rally will remain in favor as long as 55 M EMA (1.3430) holds.
