USD/CAD’s sideway consolidation continued last week and outlook is unchanged. Initial bias remains neutral this week first. With 1.2598 resistance turned support intact, outlook remains bullish and further rally is expected. On the upside, break of 1.2916 will resume the rise from 1.2061 and target 1.3065 medium term fibonacci level next. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2885). Near term outlook will be turned bearish in this case.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.

In the longer term picture, current development argues that correction from 1.4689 has completed with three waves down to 1.2061 already. And larger up trend from 0.9056 (2007 low) is still in progress. Firm break of 1.3793 resistance should now indicate up trend resumption through 1.4689 high.

Daily Pivots: (S1) 1.2717; (P) 1.2791; (R1) 1.2869; More….

USD/CAD dropped sharply from 1.2891, but still it’s staying in range below 1.2916. Consolidation from there is in progress and intraday bias remains neutral. Also, outlook remains bullish with 1.2598 resistance turned support intact. On the upside, firm break of 1.2916 will resume whole rally from 1.2061 and target 1.3065 medium term fibonacci level next. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2888). Near term outlook will be turned bearish in this case.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.

Daily Pivots: (S1) 1.2776; (P) 1.2828; (R1) 1.2865; More….

USD/CAD is staying in range below 1.2916 and intraday bias remains neutral first. On the upside, firm break of 1.2916 will resume whole rally from 1.2061 and target 1.3065 medium term fibonacci level next. In case of another fall, we’d expect strong support from 1.2598 to contain downside and bring rebound. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2888). Near term outlook will be turned bearish in this case.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.

Daily Pivots: (S1) 1.2821; (P) 1.2856; (R1) 1.2901; More….

USD/CAD is staying in range below 1.2916 and intraday bias remains neutral first. On the upside, firm break of 1.2916 will resume whole rally from 1.2061 and target 1.3065 medium term fibonacci level next. In case of another fall, we’d expect strong support from 1.2598 to contain downside and bring rebound. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2888). Near term outlook will be turned bearish in this case.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.

Daily Pivots: (S1) 1.2834; (P) 1.2851; (R1) 1.2872; More….

Intraday bias in USD/CAD remains neutral for the moment as consolidation from 1.2916 might extend. On the upside, firm break of 1.2916 will resume whole rally from 1.2061 and target 1.3065 medium term fibonacci level next. In case of another fall, we’d expect strong support from 1.2598 to contain downside and bring rebound. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2888). Near term outlook will be turned bearish in this case.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.

Daily Pivots: (S1) 1.2804; (P) 1.2842; (R1) 1.2880; More….

Intraday bias in USD/CAD remains neutral as it lost momentum ahead of 1.2916 key near term resistance. On the upside, firm break of 1.2916 will resume whole rally from 1.2061 and target 1.3065 medium term fibonacci level next. In case of another fall, we’d expect strong support from 1.2598 to contain downside and bring rebound. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2888). Near term outlook will be turned bearish in this case.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.

USD/CAD dipped to 1.2623 last week but rebounded ahead of 1.2598 resistance. Upside is limited below 1.2916 resistance so far. Initial bias remains neutral this week first. In case consolidation from 1.2916 extends, downside should be contained by 1.2598 to bring rise resumption. Break of 1.2916 will resume whole rally from 1.2061 and target 1.3065 medium term fibonacci level next. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2888). Near term outlook will be turned bearish in this case.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.

In the longer term picture, current development argues that correction from 1.4689 has completed with three waves down to 1.2061 already. And larger up trend from 0.9056 (2007 low) is still in progress. Firm break of 1.3793 resistance should now indicate up trend resumption through 1.4689 high.

Daily Pivots: (S1) 1.2802; (P) 1.2835; (R1) 1.2886; More….

Intraday bias in USD/CAD remains on the upside for 1.2916 resistance first. Firm break there will resume the rally from 1.2061 and target 1.3065 medium term fibonacci level next. In case consolidation from 1.2916 extends, near term outlook will remain bullish as long as 1.2598 resistance turned support holds.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.

Daily Pivots: (S1) 1.2637; (P) 1.2670; (R1) 1.2724; More….

USD/CAD’s strong rebound and suggests that consolidation from 1.2916 could have completed with three waves down to 1.2623. Intraday bias is back on the upside for 1.2916 resistance first. Break there will resume the rally from 1.2061 and target 1.3065 medium term fibonacci level next. In any case, near term outlook will remain bullish as long as 1.2598 resistance turned support holds.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.

Daily Pivots: (S1) 1.2637; (P) 1.2670; (R1) 1.2724; More….

Intraday bias in USD/CAD remains neutral as consolidation form 1.2916 is still in progress. We’d expect downside to be supported by 1.2598 resistance turned support to bring rise resumption. Above 1.2726 minor resistance will turn intraday bias back to the upside for 1.2916. Break of 1.2916 will resume the rally from 1.2061 and target 1.3065 medium term fibonacci level next. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2880). Near term outlook will be turned bearish in this case.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.

Daily Pivots: (S1) 1.2643; (P) 1.2685; (R1) 1.2714; More….

USD/CAD drops further to as low as 1.2623 so far as consolidation from 1.2916 continues. At this point, we’d still expect downside to be supported by 1.2598 resistance turned support to bring rise resumption. Above 1.2726 minor resistance will turn intraday bias back to the upside for 1.2916. Break of 1.2916 will resume the rally from 1.2061 and target 1.3065 medium term fibonacci level next. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2880). Near term outlook will be turned bearish in this case.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.

Daily Pivots: (S1) 1.2643; (P) 1.2685; (R1) 1.2714; More….

USD/CAD’s consolidation from 1.2916 is still in progress and intraday bias remains neutral first. Deeper pull back cannot be ruled out. But we’d expect downside to be supported by 1.2598 resistance turned support to bring rise resumption. Break of 1.2916 will resume the rally from 1.2061 and target 1.3065 medium term fibonacci level next. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2880). Near term outlook will be turned bearish in this case.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.

Daily Pivots: (S1) 1.2602; (P) 1.2752; (R1) 1.2828; More….

Intraday bias in USD/CAD remains neutral as consolidation from 1.2916 is extending. While deeper pull back could be seen, we’d expect downside to be supported by 1.2598 resistance turned support to bring rise resumption. Break of 1.2916 will resume the rally from 1.2061 and target 1.3065 medium term fibonacci level next. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2888). Near term outlook will be turned bearish in this case.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.

USD/CAD rose to 1.2908 last week but failed to break through 1.2916 resistance and dropped sharply to close. Initial bias stays neutral this week first. As long as 1.2598 resistance turned support holds, we’ll treat price actions from 1.2916 as consolidation. And, rebound from 1.2061 would resume later. Break of 1.2916 will target 1.3065 medium term fibonacci level next. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2888). Near term outlook will be turned bearish in this case.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.

In the longer term picture, current development argues that correction from 1.4689 has completed with three waves down to 1.2061 already. And larger up trend from 0.9056 (2007 low) is still in progress. Firm break of 1.3794 resistance should now indicate up trend resumption through 1.4689 high.

Daily Pivots: (S1) 1.2822; (P) 1.2847; (R1) 1.2890; More….

USD/CAD’s sharp fall and break of 1.2804 support indicates rejection from 1.2916. Consolidation from 1.2916 is extending with another falling leg. Intraday bias is turned back to the downside for 1.2665 support or possibly below. Still, we’d expect downside to be contained by 1.2598 resistance turned support and bring rise resumption. On the upside, decisive break of 1.2916 will confirm resumption of whole rally from 1.2061. In that case, USD/CAD should target 1.3065 medium term fibonacci level next.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.

Daily Pivots: (S1) 1.2822; (P) 1.2847; (R1) 1.2890; More….

USD/CAD’s rise is still in progress and intraday bias remains on the upside for 1.2916 high. Decisive break there will confirm resumption of whole rally from 1.2061. In that case, USD/CAD should target 1.3065 medium term fibonacci level next. On the downside, though, below 1.2804 will argue that consolidation from 1.2916 is extending with another falling leg. And intraday bias will be turned back to the downside for 1.2672 support. But still, we’d expect downside to be contained by 1.2598 resistance turned support and bring rise resumption.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.

Daily Pivots: (S1) 1.2822; (P) 1.2847; (R1) 1.2890; More….

Intraday bias in USD/CAD remains on the upside for 1.2916 resistance. As noted before, corrective pattern from 1.2916 could have completed at 1.2672 already. Break of 1.2916 will resume whole rise from 1.2061 and target 1.3065 medium term fibonacci level. On the downside, below 1.2804 minor support will delay the bullish case and extend the correction from 1.2916 with another fall. But still, we’d expect downside to be contained by 1.2598 resistance turned support and bring rebound.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.

Daily Pivots: (S1) 1.2771; (P) 1.2797; (R1) 1.2842; More….

USD/CAD’s strong rally and break of 1.2836 resistance suggests that corrective pattern from 1.2916 has completed at 1.2672 already. Intraday bias is turned back to the upside for 1.2916 first. Break will resume whole rise from 1.2061 and target 1.3065 medium term fibonacci level. On the downside, below 1.2753 will delay the bullish case and extend the correction from 1.2916 with another fall. But still, we’d expect downside to be contained by 1.2598 resistance turned support and bring rebound.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.

Daily Pivots: (S1) 1.2771; (P) 1.2797; (R1) 1.2842; More….

No change in USD/CAD’s outlook as the consolidation pattern from 1.2916 is still in progress. Deeper decline cannot be ruled out yet. But we’d expect downside to be contained by 1.2598 resistance turned support and bring rebound. Above 1.2836 minor resistance will turn bias back to the upside for 1.2916 first. Further break of 1.2916 will resume whole rally from 1.2061 to 38.2% retracement of 1.4689 to 1.2061 at 1.3065. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2895). Near term outlook will be turned bearish in this case.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.

Daily Pivots: (S1) 1.2708; (P) 1.2739; (R1) 1.2799; More….

USD/CAD’s correction from 1.2916 is still in progress and intraday bias stays neutral. Deeper decline could still be seen. . But we’d expect downside to be contained by 1.2598 resistance turned support and bring rebound. Above 1.2836 minor resistance will turn bias back to the upside for 1.2916 first. Further break of 1.2916 will resume whole rally from 1.2061 to 38.2% retracement of 1.4689 to 1.2061 at 1.3065. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2895). Near term outlook will be turned bearish in this case.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.