During the past week, the fall of USD / CAD has been contained and there was a strong rebound. The development indicates that the fall from 1.0422 is finished. The initial bias is to the upside this week for the bullish trend line resistance (now at 1.0417). After all, USD / CAD is still within the range from 1.0656 converged. First of all, as long as 1.0051 support remains such, will likely outbreak of a bullish trend. But later, a break of 1.0422 will signal the onset and will target a maximum of 1.0656. Otherwise, the near-term outlook will remain neutral.

A minimum term has been formed at 0.9406 and price actions from this point could be a consolidation of the fall from 1.3063 or the third leg of the entire plot of consolidation began in 2007 with a minimum of 0.9056. It is not possible at the time choose one of the two cases, since USD / CAD is located above the 55 weeks of exponential moving average, but it is limited to below 55 months of exponential moving average. Can be expected at the outset that 0.9406 remains at least for another period of time. In addition, any plot of price actions from 1.0656 should decide whether it will rebound from 0.9406 extended further or if USD / CAD will simply sit in the range. At the moment it is better to maintain a neutral perspective until the end of the plot from 1.0656.

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