Daily Pivots: (S1) 1.3423; (P) 1.3459; (R1) 1.3486; More…

USD/CAD is staying in consolidation from 1.3521 and intraday bias remains neutral first. More sideway trading could be seen first but further rise is in favor as long as 1.3274 support holds. On the upside, break of 1.3521 will resume the whole rise from 1.3068 to retest 1.3664 high. On the downside, below 1.3376 will turn bias to the downside for 1.3274 support. Break will indicate that choppy rebound from 1.3068 has completed at 1.3521. Near term outlook will be turned bearish for retesting 1.3068 support.

In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3272). Thus, the up trend from 1.2061 (2017 low) should be in progress. On the upside, decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will pave the way to 78.6% retracement at 1.4127 next. This will remain the favored case as long as 1.3068 support holds. However, sustained break the channel support will be the first sign of medium term reversal. Firm break of 1.3068 would confirm.

Daily Pivots: (S1) 1.2467; (P) 1.2508; (R1) 1.2540; More…

USD/CAD is staying in consolidation from 1.2421 and intraday bias remains neutral first. As long as 1.2605 resistance holds, further decline is still in favor. On the downside, break of 1.2421 will resume the decline from 1.2805 to 1.2301 cluster support (61.8% retracement of 1.2005 to 1.2805 at 1.2311). However, firm break of 1.2605 will turn bias back to the upside for retesting 1.2805 resistance.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

Despite dipping to 1.2246 last week, subsequent rebound suggests that a short term bottom is formed, on bullish convergence condition in 4 hour MACD. Initial bias is back on the upside this week for 1.2589 resistance first. Break there will indicate that pull back from 1.2919 has completed and and would bring retest of this resistance. On the downside, below 1.2246 will resume the fall from 1.2919 to retest 1.2061 key support.

In the bigger picture, rebound from 1.2061 is likely completed completed at 1.2919, rejected by 55 week EMA and kept below 38.2% retracement of 1.4689 to 1.2061 at 1.3065. The development also suggests that long term fall from 1.4689 is not completed yet. Decisive break of 1.2061 low will target 61.8% retracement of 0.9406 to 1.4689 at 1.1424. This will now be the favored case as long as 1.2919 resistance holds.

In the longer term picture, 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048 remains a key support level to watch. As long as this level holds, we’ll treat fall from 1.4689 as a correction and expect another rally through this level. However, sustained break of 1.2048 will turn favors to the case that rise from 0.9056 (2007 low) is a three wave corrective move that’s completed at 1.4689. And retest of 0.9056/9406 support zone could be seen in medium to long term.

Daily Pivots: (S1) 1.3271; (P) 1.3371; (R1) 1.3422; More….

USD/CAD’s decline from 1.3793 resumed by taking out 1.3387 and reaches as low as 1.3273 so far. Intraday bias is back on the downside for 1.3222 support next. We’d holding on to the view that whole choppy rise from 1.2460 has completed at 1.3793. Break of 1.3222 will affirm our bearish view and target 1.2968 key support for confirmation. On the upside, above 1.3387 support turned resistance will turn intraday bias neutral. But recovery should be limited well below 1.3537 resistance to bring fall resumption.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. Rise from 1.2460 is seen as the second leg and could have completed at 1.3793, ahead of 61.8% retracement of 1.4689 to 1.2460 at 1.3838. Break of 1.3222 should indicate the start of the third leg while further break of 1.2968 should confirm. Nonetheless, sustained trading above 1.3838 would pave the way to retest 1.4689 high.

Daily Pivots: (S1) 1.2481; (P) 1.2520; (R1) 1.2547; More…

Intraday in USD/CAD remains neutral at this point. Corrective rise from 1.2363 might have completed at 1.2646 already, after hitting 55 day EMA. Below 1.2475 will bring retest of 1.2363 low first. Break will resume larger down trend from 1.4667. Overall, outlook will stay bearish as long as 1.2742 resistance holds, even in case of another rebound.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Further decline should be seen back to 1.2061 (2017 low). In any case, break of 1.2994 support turned resistance resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 1.3146; (P) 1.3223; (R1) 1.3275; More…

Intraday bias in USD/CAD remain son the downside at this point. Fall from 1.3382 should be ready to resume. Break of 1.3133 support will target 100% projection of 1.3382 to 1.3133 from 1.3347 at 1.3098 next. On the upside, above 1.3258 minor resistance will turn intraday bias neutral first.

In the bigger picture, key cluster support of 1.3068 (38.2% retracement of 1.2061 to 1.3664 at 1.3052) remains intact. Medium term rise from 1.2061 low is in favor to resume sooner or later. Firm break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will confirm and target 1.4689 high. However, sustained break of 1.3052/68 will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next.

USD/CAD stayed in consolidation above 1.3164 last week and outlook is unchanged. Initial bias remains neutral this week first. Upside of recovery should be limited by 1.3387 support turned resistance to bring fall resumption. As noted before, corrective rise from 1.2460 has completed at 1.3793 already. Below 1.3164 will extend the decline from 1.3793 to 1.2968 cluster support, 61.8% retracement of 1.2460 to 1.3793 at 1.2969. However, firm break of 1.3387 will dampen our view and turn focus back to 1.3537 resistance next.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. Rise from 1.2460 is seen as the second leg and has completed at 1.3793, ahead of 61.8% retracement of 1.4689 to 1.2460 at 1.3838. Break of 1.3222 should now indicate the start of the third leg while further break of 1.2968 should confirm. In that case, USD/CAD should decline through 1.2460 support to 50% retracement of 0.9406 to 1.4869 at 1.2048.

In the longer term picture, rise from 0.9056 (2007 low) is viewed as a long term up trend. It’s taking a breath after hitting 1.4689. But such rise expected to resume later to test 1.6196 down the road.

Daily Pivots: (S1) 1.3221; (P) 1.3241; (R1) 1.3256; More….

USD/CAD’s corrective fall from 1.3329 extends lower today and intraday bias stays on the downside for 55 day EMA (now at 1.3189). But downside should be contained above 1.3104 resistance turned support to bring rise resumption. On the upside, above 1.3278 minor resistance will turn bias back to the upside. Sustained break of 1.3327 should confirm completion of consolidation pattern from 1.3664. Further rise should be seen to retest 1.3664 high.

In the bigger picture, price actions from 1.3664 (2018 high) is seen as a corrective move that has probably completed. Rise from 1.2061 (2017 low) might be ready to resume. Decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will pave the way to retest 1.4689 high. However, break of 1.3104 resistance turned support will extend the corrective with another fall through 1.2951 before completion.

Daily Pivots: (S1) 1.2739; (P) 1.2787; (R1) 1.2827; More….

USD/CAD failed to sustain above 1.2819 minor resistance and weakens again. Corrective pattern from 1.2916 is still in progress and another fall could be seen. But downside should be contained by 1.2598 resistance turned support and bring rebound. Above 1.2836 will target 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.

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) 1.3623; (P) 1.3677; (R1) 1.3708; More….

USD/CAD is trying to draw support from 4 hour 55 EMA and stays well above 1.3534 support. Intraday bias remains neutral and further rise cannot be ruled out yet. But rise from 1.2460 is seen as a corrective pattern. Hence, in case of another rally, we’ll be cautious on topping at around 1.3838 fibonacci level. Meanwhile, consider bearish divergence condition in 4 hour MACD, break of 1.3534 support will argue that rise from 1.2968 is already completed. In such case, intraday bias will be turned back to the downside for 1.3222 support.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. Rise from 1.2460 is seen as the second leg and would end at around 61.8% retracement of 1.4689 to 1.2460 at 1.3838. Break of 1.3222 should indicate the start of the third leg while further break of 1.2968 should confirm. Nonetheless, sustained trading above 1.3838 would pave the way to retest 1.4689 high.

Daily Pivots: (S1) 1.3299; (P) 1.3351; (R1) 1.3406; More…

USD/CAD rebounded strongly ahead of 1.3284 support but stays inside range below 1.3467 resistance. Intraday bias remains neutral for more consolidations first. Current development suggests that rise from 1.3068 is not finished, and further rise is in favor as long as 1.3250 support holds. On the upside, firm break of 1.3467 will confirm this case and target 1.3664 resistance next. However, decisive break of 1.3250 will turn bias back to the downside for 1.3068/3112 support zone instead.

In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3212). Thus, even though upside momentum and structure are unconvincing, further rise is still in favor. Decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 will pave the way to retest 1.4689 (2015 high). However, firm break of the channel support should indicate bearish reversal, after rejection by 1.3793, and bring deeper fall to 1.3068 support for confirmation.

Daily Pivots: (S1) 1.2664; (P) 1.2725; (R1) 1.2757; More….

USD/CAD’s pull back from 1.2916 is still in progress and could extend lower. But downside should be contained by 1.2598 resistance turned support and bring rebound. Above 1.2836 will target 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.

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 jumped to as high as 1.3446 last week and the development indicates completion of corrective fall from 1.3598 at 1.2968. As a temporary top is in place at 1.3436 with 4 hour MACD crossed below signal line, initial bias is neutral for some consolidations first. But downside of retreat should be contained above 1.3209 support and bring another rise. Above 1.3236 will target a test on 1.3598 high. Break there will extend the medium term rise from 1.2460 to next fibonacci level at 1.3838.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. The second leg is likely still in progress and could target 61.8% retracement of 1.4689 to 1.2460 at 1.3838. We’d look for reversal signal there to start the third leg. Break of 1.2968 wold at least bring at retest of 1.2460 low. However, sustained trading above 1.3838 would pave the way to retest 1.4689 high.

In the longer term picture, rise from 0.9056 (2007 low) is viewed as a long term up trend. It’s taking a breath after hitting 1.4689. But such rise expected to resume later to test 1.6196 down the road.

Daily Pivots: (S1) 1.3397; (P) 1.3418; (R1) 1.3459; More….

With 1.3373 minor support intact, intraday bias in USD/CAD remains on the upside for 1.3534 resistance. Break will extend whole rise from 1.2698 to 1.3598 resistance. On the downside, below 1.3373 minor support will turn bias back to the downside and could extend the correction from 1.3534 with another fall. But we’d expect strong support from 1.3211 cluster level (61.8% retracement of 1.3008 to 1.3534 at 1.3209) to contain downside and bring rebound. Overall, medium term rebound form 1.2460 is still expected to extend through 1.3598.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. The second leg from 1.2460 is likely still in progress and could target 61.8% retracement of 1.4689 to 1.2460 at 1.3838. We’d look for reversal signal there to start the third leg. Break of 1.2968 will argue that the third leg has already started and should at least bring at retest of 1.2460 low. However, sustained trading above 1.3838 would pave the way to retest 1.4689 high.

Daily Pivots: (S1) 1.3612; (P) 1.3654; (R1) 1.3685; More….

Intraday bias in USD/CAD remains on the upside for the moment. Medium term rise from 1.2460 is still in progress and should target next medium term fibonacci level at 1.3838 ahead. on the downside, break of 1.3529 minor support will turn bias neutral and bring consolidation. But for now, outlook will remain bullish as long as 1.3222 support holds.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. The second leg from 1.2460 is likely still in progress and could target 61.8% retracement of 1.4689 to 1.2460 at 1.3838. We’d look for reversal signal there to start the third leg. However, break of 1.3222 support will argue that the third leg has already started and should at least bring a retest of 1.2460 low. Meanwhile, sustained trading above 1.3838 would pave the way to retest 1.4689 high.

Daily Pivots: (S1) 1.3518; (P) 1.3535; (R1) 1.3560; More…

Intraday bias in USD/CAD remains mildly on the upside at this point. Further rise should be seen to retest 1.3605 resistance first. Firm break there will resume whole rally from 1.3176. On the downside, however, break of 1.3458 minor support will turn bias back to the downside or 1.3419 instead.

In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern only. In case of another fall, strong support should emerge above 1.2947 resistance turned support to bring rebound. Overall, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 at a later stage.

Daily Pivots: (S1) 1.3476; (P) 1.3509; (R1) 1.3538; More…

Intraday bias in USD/CAD is turned neutral with 4H MACD crossed below signal line. Some consolidations could be seen first. But further rally is expected as long as 1.3342 support holds. Above 1.3540 will resume the rise from 1.3176 to 1.3617 cluster resistance (61.8% retracement of 1.3897 to 1.3176 at 1.3622). Decisive break there will pave the way to 1.3897/3976 key resistance zone.

In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern only. In case of another fall, strong support should emerge above 1.2947 resistance turned support to bring rebound. Overall, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 at a later stage.

Daily Pivots: (S1) 1.3453; (P) 1.3477; (R1) 1.3495; More….

USD/CAD dips mildly today but stays in range above 1.3387 support. Intraday bias remains neutral first. In case of another recovery, upside should be limited by 1.3570 resistance and bring fall resumption. We’re holding on to the view that rise from 1.2968 has completed. And the larger rise from 1.2460 could have finished too. Below 1.3387 will target 1.3222 support first. Break of 1.3222 will affirm our bearish view and target 1.2968 key support level for confirmation. However, break of 1.3570 will turn focus back to 1.3793 high instead.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. Rise from 1.2460 is seen as the second leg and could have completed at 1.3793, ahead of 61.8% retracement of 1.4689 to 1.2460 at 1.3838. Break of 1.3222 should indicate the start of the third leg while further break of 1.2968 should confirm. Nonetheless, sustained trading above 1.3838 would pave the way to retest 1.4689 high.

Daily Pivots: (S1) 1.3299; (P) 1.3316; (R1) 1.3350; More…

USD/CAD recovers after hitting 1.3284 and intraday bias is turned neutral again. On the downside, firm break of 1.3250 support will indicate completion of whole rebound from 1.3068. In that case, deeper fall would be seen back to 1.3068/3112 support zone. On the upside, firm break of 1.3467 resistance will resume rise from 1.3068. Further rally should be seen to retest 1.3664 next.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3210) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). However, firm break of the channel support should confirm reversal and target 1.2061 low again.

Daily Pivots: (S1) 1.3278; (P) 1.3312; (R1) 1.3364; More….

USD/CAD’s corrective rise from 1.3164 is still in progress. But it’s kept below 1.3387 support turned resistance. Intraday bias remains neutral with bearish outlook. We’re holding on to the view that corrective rise from 1.2460 has completed at 1.3793 already. Below 1.3164 will target 1.2968 cluster support, 61.8% retracement of 1.2460 to 1.3793 at 1.2969. However, firm break of 1.3387 will dampen our view and turn focus back to 1.3537 resistance next.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. Rise from 1.2460 is seen as the second leg and has completed at 1.3793, ahead of 61.8% retracement of 1.4689 to 1.2460 at 1.3838. Break of 1.3222 should now indicate the start of the third leg while further break of 1.2968 should confirm. In that case, USD/CAD should decline through 1.2460 support to 50% retracement of 0.9406 to 1.4869 at 1.2048.