USD/CAD’s fall from 1.4791 resumed last week and hit as low as 1.4026. But it then recovered notably, ahead of 1.3946/76 support zone. Initial bias remains neutral this week first. On the upside, break of 1.4414 resistance will suggest that the decline has completed as a three wave correction, and turn bias back to the upside for retesting 1.4791 high. However, firm break of 61.8% projection of 1.4791 to 1.4150 from 1.4414 at 1.4018, could prompt downside acceleration to 100% projection at 1.3773 next.

In the bigger picture, focus is now on 1.3976 resistance turned support (2022 high), which is close to 55 W EMA (now at 1.3992). Strong rebound from there will retain medium term bullishness. That is, up trend from 1.2005 is still in progress for breaking through 1.4791 at a later stage. However, sustained break there should confirm medium term topping at 1.4791. Deeper correction would be seen to 38.2% retracement of 1.2005 (2021 low) to 1.4791 at 1.3727.

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 (1.3491) holds.

Daily Pivots: (S1) 1.3978; (P) 1.4148; (R1) 1.4269; More…

USD/CAD rebounded ahead of 61.8% projection of 1.4791 to 1.4150 from 1.4414 at 1.4018, and intraday bias is turned neutral. For now, risk will remain on the downside as long as 1.4414 resistance holds. Break of 1.4026 will target 1.3946 key support next. Nevertheless, break of 1.4414 will indicate that fall from 1.4791 has completed as a correction only.

In the bigger picture, focus is now on 1.3976 resistance turned support (2022 high), which is close to 55 W EMA (now at 1.3986). Sustained break there should confirm medium term topping at 1.4791. Deeper correction would be seen to 38.2% retracement of 1.2005 (2021 low) to 1.4791 at 1.3727.

Daily Pivots: (S1) 1.3978; (P) 1.4148; (R1) 1.4269; More…

Intraday bias in USD/CAD remains on the downside for 61.8% projection of 1.4791 to 1.4150 from 1.4414 at 1.4018. Decisive break there would extend the fall from 1.4791 to 100% projection at 1.3773 next. On the upside, above 1.4158 minor resistance will turn intraday bias neutral and bring consolidations first.

In the bigger picture, focus is now on 1.3976 resistance turned support (2022 high), which is close to 55 W EMA (now at 1.3986). Sustained break there should confirm medium term topping at 1.4791. Deeper correction would be seen to 38.2% retracement of 1.2005 (2021 low) to 1.4791 at 1.3727.

Daily Pivots: (S1) 1.4264; (P) 1.4339; (R1) 1.4380; More…

USD/CAD’s fall from 1.4791 resumed by breaking through 1.4150 support and accelerated to as low as 1.4039 so far. Intraday bias remains on the downside for 61.8% projection of 1.4791 to 1.4150 from 1.4414 at 1.4018. Decisive break there would pave the way to 100% projection at 1.3773 next. On the upside, above 1.4158 minor resistance will turn intraday bias neutral and bring consolidations first.

In the bigger picture, focus is now on 1.3976 resistance turned support (2022 high), which is close to 55 W EMA (now at 1.3986). Sustained break there should confirm medium term topping at 1.4791. Deeper correction would be seen to 38.2% retracement of 1.2005 (2021 low) to 1.4791 at 1.3727.

Daily Pivots: (S1) 1.4264; (P) 1.4339; (R1) 1.4380; More…

Intraday bias in USD/CAD is back on the downside with breach of 1.4234 support. Deeper fall would be seen to 1.4150 low. Overall, corrective pattern from 1.4791 is still extending. Firm break of 1.4150 will confirm the start of the third leg towards 1.3946 cluster support. On the upside, break of 1.4414 will argue that the pattern is still in the second leg. Intraday bias will be turned back to the upside for 1.4541 resistance 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.

Daily Pivots: (S1) 1.4264; (P) 1.4339; (R1) 1.4380; More…

USD/CAD reversed after edging higher to 1.4414, but stays in established range. intraday bias remains neutral for the moment. Overall, corrective pattern from 1.4791 is still extending. On the upside, break of 1.4414 will argue that it’s still in the second leg. Intraday bias will be turned back to the upside fro 1.4541 resistance first, and then 100% projection of 1.4150 to 1.4541 from 1.4234 at 1.4625. On the downside, though, break of 1.42324 support will suggest that the third leg has already started for 1.4150 and below.

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.

Daily Pivots: (S1) 1.4327; (P) 1.4361; (R1) 1.4424; More…

Intraday bias in in USD/CAD remains neutral at this point. Overall, corrective pattern from 1.4791 is still extending. On the upside, break of 1.4400 will argue that it’s still in the second leg. Intraday bias will be turned back to the upside fro 1.4541 resistance first, and then 100% projection of 1.4150 to 1.4541 from 1.4234 at 1.4625. On the downside, though, break of 1.42324 support will suggest that the third leg has already started for 1.4150 and below.

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.

Daily Pivots: (S1) 1.4286; (P) 1.4310; (R1) 1.4342; More…

Intraday bias in USD/CAD stays neutral for the moment. Overall, corrective pattern from 1.4791 is still extending. On the upside, break of 1.4400 will argue that it’s still in the second leg, and turn bias to the upside for 1.4541 resistance. On the downside, break of 1.4238 will suggest that the third leg has already started for 1.4150 and below.

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.

USD/CAD gyrated lower last week but recovered after breaching 1.4238 support very briefly. Initial bias stays neutral this week first. Overall, corrective pattern from 1.4791 is still extending. On the upside, break of 1.4400 will argue that it’s still in the second leg, and turn bias to the upside for 1.4541 resistance. On the downside, break of 1.4238 will suggest that the third leg has already started for 1.4150 and below.

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 (1.3463) holds.

Daily Pivots: (S1) 1.4267; (P) 1.4298; (R1) 1.4336; More…

Intraday bias in USD/CAD is turned neutral again as it recovered ahead of 1.4238 support. On the downside, break of 1.4238 support will argue that corrective pattern from 1.4791 has already started the third leg. Deeper decline should be seen to 1.4150 support next. On the upside, though, break of 1.4400 resistance will argue that rebound from 1.4150 is possibly still in progress, and target 1.4541 resistance and possibly above.

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.

Daily Pivots: (S1) 1.4237; (P) 1.4268; (R1) 1.4300; More…

Intraday bias in USD/CAD is mildly on the downside at this point. Break of 1.4238 support will argue that corrective pattern from 1.4791 has already started the third leg. Deeper decline should be seen to 1.4150 support next. On the upside, above 1.4400 resistance 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.

Daily Pivots: (S1) 1.4254; (P) 1.4294; (R1) 1.4316; More…

Intraday bias in USD/CAD is mildly on the downside with current fall. Break of 1.4238 support will argue that corrective pattern from 1.4791 has already started the third leg. Deeper decline should be seen to 1.4150 support next. On the upside, above 1.4400 resistance 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.

Daily Pivots: (S1) 1.4287; (P) 1.4322; (R1) 1.4354; More…

Range trading continues in USD/CAD and intraday bias remains neutral for now. Overall, price actions from 1.4791 are seen as a corrective pattern. On the upside, break of 1.4541 will extend the second leg from 1.4150 to retest 1.4791 high. On the downside, break of 1.4238 will argue that the third leg has already started through 1.4150 support.

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.

Daily Pivots: (S1) 1.4322; (P) 1.4348; (R1) 1.4381; More…

Intraday bias in USD/CAD remains neutral for the moment as range trading continues. Overall, price actions from 1.4791 are seen as a corrective pattern. On the upside, break of 1.4541 will extend the second leg from 1.4150 to retest 1.4791 high. On the downside, break of 1.4238 will argue that the third leg has already started through 1.4150 support.

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.

Range trading continued in USD/CAD last week and outlook is unchanged. Initial bias remains neutral this week first. Overall, price actions from 1.4791 are seen as a corrective pattern. On the upside, break of 1.4541 will extend the second leg from 1.4150 to retest 1.4791 high. On the downside, break of 1.4238 will argue that the third leg has already started through 1.4150 support.

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 (1.3463) holds.

Daily Pivots: (S1) 1.4290; (P) 1.4346; (R1) 1.4379; More…

Intraday bias in USD/CAD remains neutral as range trading continues. On the downside, break of 1.4238 support will argue that corrective pattern from 1.4791 has started the third leg already. Intraday bias will be back on the downside for 1.4150 support and below. On the upside, though, break of 1.4541 will resume the rebound from 1.4150, as the second leg of the pattern.

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.

Daily Pivots: (S1) 1.4299; (P) 1.4324; (R1) 1.4352; More…

Range trading continues in USD/CAD and intraday bias stays neutral. On the downside, break of 1.4238 support will argue that corrective pattern from 1.4791 has started the third leg already. Intraday bias will be back on the downside for 1.4150 support and below. On the upside, though, break of 1.4541 will resume the rebound from 1.4150, as the second leg of the pattern.

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.

Daily Pivots: (S1) 1.4272; (P) 1.4296; (R1) 1.4323; More…

Intraday bias in USD/CAD remains neutral for the moment as range trading continues. On the downside, break of 1.4238 support will argue that corrective pattern from 1.4791 has started the third leg already. Intraday bias will be back on the downside for 1.4150 support and below. On the upside, though, break of 1.4541 will resume the rebound from 1.4150, as the second leg of the pattern.

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.

Daily Pivots: (S1) 1.4246; (P) 1.4315; (R1) 1.4355; More…

Range trading continues in USD/CAD and intraday bias remains neutral. On the downside, break of 1.4238 support will argue that corrective pattern from 1.4791 has started the third leg already. Intraday bias will be back on the downside for 1.4150 support and below. On the upside, though, break of 1.4541 will resume the rebound from 1.4150, as the second leg of the pattern.

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.

Daily Pivots: (S1) 1.4246; (P) 1.4315; (R1) 1.4355; More…

Intraday bias in USD/CAD stays neutral first as range trading continues. On the downside, break of 1.4238 support will argue that corrective pattern from 1.4791 has started the third leg already. Intraday bias will be back on the downside for 1.4150 support and below. On the upside, though, break of 1.4541 will resume the rebound from 1.4150, as the second leg of the pattern.

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.