USD/CAD rebounded after dipping to 0.9847 last week. Considering bullish convergence condition in 4 hours MACD and RSI, a short term bottom might be in place and another rise is in favor to 1.0033 resistance and above. On the downside, break of 0.9847 is now needed to confirm fall resumption for 61.8% projection of 1.0671 to 0.9979 from 1.0207 at 0.9779. Otherwise, we'd expect more consolidations first.
In the bigger picture, whole medium term fall from 1.0363 (2009 high) is still in progress and such down trend should continue to 0.9709 support first and possibly further towards 2007 low of 0.9056. Nevertheless, fall from 1.3063 is still looking corrective and hence, we'd expect strong support between 0.9056/9709 to contain downside and bring another medium term rise. Though, break of 1.0851 resistance is needed to indicate medium term reversal. Otherwise, outlook will remain bearish.
In the longer term picture, firstly, there is no clear indication that the long term down trend from 2002 high of 1.6196 has reversed. Secondly, the medium term fall from 1.3063 is so far looking corrective. Hence, we're slightly favoring the case that price actions from 0.9056 are developing into a long term corrective pattern.