Daily Pivots: (S1) 1.2512; (P) 1.2544; (R1) 1.2599; More…

Intraday bias in USD/CAD remains neutral at this point. On the upside, On the upside, firm break of 1.2589 resistance will indicate that pull back from 1.2919 has completed and would bring retest of this resistance. On the downside, below 1.2397 minor support will turn focus back to 1.2246 instead.

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.

Daily Pivots: (S1) 1.2976; (P) 1.2994; (R1) 1.3023; More….

No change in USD/CAD’s outlook as it’s gyrating in tight range around 1.3 cluster support. With 1.3045 minor resistance intact, further decline is expected. Sustained trading below 1.2968 cluster support, 61.8% retracement of 1.2460 to 1.3793 at 1.2969 will pave the way to retesting 1.2460 low. On the upside, above 1.3045 will indicate short term bottoming, possibly on bullish convergence condition in 4 hour MACD. In such case, stronger rebound would be seen back to 1.3164/3346 resistance zone first, before staying another decline.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The second leg should have finished at 1.3793. Break of 1.2460 will tend such correction to 50% retracement of 0.9406 to 1.4869 at 1.2048. At this point, we’d look for strong support from there to contain downside and bring rebound. However, firm break there will target 100% projection of 1.4689 to 1.2460 from 1.3793 at 1.1564.

Daily Pivots: (S1) 1.2667; (P) 1.2709; (R1) 1.2748; More….

Breaching 1.2624 minor support suggests temporary topping at 1.2757. Intraday bias in USD/CAD is turned neutral first. Further rise will remain in favor as long as 1.2450 support holds. Above 1.2757 will target 1.2919 key near term resistance. We’d be cautious on strong resistance from there to limit upside. However, break of 1.2450 will argue that rebound from 1.2246 is completed and turn bias to the downside for this support.

In the bigger picture, the rebound from 1.2246 is mixing up the medium term outlook. Nonetheless, USD/CAD is staying below falling 55 week EMA (now at 1.2776), hence, the bearish case is in favor. That is, fall from 1.4689 is not completed yet. Sustained break of 1.2061 key support will carry larger bearish implication and target 61.8% retracement of 0.9406 to 1.4689 at 1.1424. However, firm break of 1.2919 will revive the case of medium term reversal and turn outlook bullish.

Daily Pivots: (S1) 1.3655; (P) 1.3673; (R1) 1.3684; More…

Intraday bias in USD/CAD stays neutral and outlook is unchanged. On the upside, break of 1.3761 resistance will argue that correction from 1.3845 has already completed. Intraday bias will be back to the upside to resume larger rally from 1.3176 through 1.3845. However, sustained trading below 55 D EMA (now at 1.3630) will argue that whole rise from 1.3176 has completed already, and bring deeper fall to 1.3477 support next.

In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern. In case of another fall, strong support should emerge above 1.2947 resistance turned support to bring rebound. Firm break of 1.3976 will confirm up resumption of whole up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3176 at 1.4149.

Daily Pivots: (S1) 1.3440; (P) 1.3467; (R1) 1.3485; More…

Range trading continues in USD/CAD and intraday bias stays neutral. On the upside, break of 1.3540 will resume the rise from 1.3176. That will also revive that case that whole fall from 1.3897 has completed, and target this resistance. Nevertheless, firm break of 1.3357 support will argue that rebound from 1.3176 has completed, and target this low for resuming whole fall from 1.3897.

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) 1.3216; (P) 1.3243; (R1) 1.3273; More….

USD/CAD’s consolidation from 1.3614 is still unfolding and intraday bias stays neutral. In case of another recovery, upside 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.

Daily Pivots: (S1) 1.2482; (P) 1.2528; (R1) 1.2557; More….

USD/CAD drops to as low as 1.2499 so. It’s losing some downside momentum on oversold condition in 4 hour RSI. But intraday bias stays on the downside as long as 1.2566 minor resistance holds. Current fall from 1.2919 would extend to 61.8% retracement of 1.2061 to 1.2919 at 1.2389 or possibly below. On the upside, above 1.2566 will turn intraday bias neutral first.

In the bigger picture, we’re still favoring the case that USD/CAD has 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. With that in mind, fall from 1.2919 is viewed as a correction. Hence, we’re not anticipating a break of 1.2061 low. In the long run, USD/CAD should have another medium term rise to take on 38.2% retracement of 1.4689 to 1.2061 at 1.3065.

Daily Pivots: (S1) 1.3633; (P) 1.3663; (R1) 1.3715; More…

Intraday bias in USD/CAD remains neutral for the moment. Strong rebound from current level, followed by break of 1.3782 resistance, will retain near term bullishness. Further break of 1.3845 will resume larger rise from 1.3176 towards 1.3976 key resistance next. However, sustained trading below 55 D EMA (now at 1.3618) will argue that whole rise from 1.3176 has completed already, and target 1.3477 support next.

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. Firm break of 1.3976 will confirm up resumption of whole up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3176 at 1.4149.

Daily Pivots: (S1) 1.2861; (P) 1.2896; (R1) 1.2925; More….

USD/CAD lost some downside momentum with 4 hour MACD crossed above signal line. But with 1.3013 resistance intact, further decline is still expected. Current fall from 1.3793 should extend to retest 1.2460 low. However, break of 1.3013 will indicate short term bottoming, on bullish convergence condition in 4 hour MACD. In such case, intraday bias will be turned back tot he upside for 1.3164/3346 resistance zone first.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The second leg should have finished at 1.3793. Break of 1.2460 will extend such correction to 50% retracement of 0.9406 to 1.4869 at 1.2048. At this point, we’d look for strong support from there to contain downside and bring rebound. However, firm break there will target 100% projection of 1.4689 to 1.2460 from 1.3793 at 1.1564.

Daily Pivots: (S1) 1.3475; (P) 1.3497; (R1) 1.3531; More…

Intraday bias in USD/CAD remains neutral and outlook is unchanged. With 1.3357 support intact, further rally is expected. On the upside, break of 1.3585 will resume the rebound from 1.3176 for 1.3897 resistance. However, break of 1.3357 will argue that the rebound from 1.3176 has completed and bring retest of this low.

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) 1.2481; (P) 1.2524; (R1) 1.2598; More….

Intraday bias in USD/CAD remains neutral for the moment. On the upside, above 1.2687 will extend the rebound from 1.2246 to retest 1.2919 key near term resistance. On the downside, below 1.2450 will target 1.2246 first. Break there will extend the fall from 1.2919 and target 1.2061 keys support level.

In the bigger picture, the rebound from 1.2246 is mixing up the medium term outlook. Nonetheless, USD/CAD is staying below falling 55 week EMA, hence, the bearish case is in favor. That is, fall from 1.4689 is not completed yet. Sustained break of 1.2061 key support will carry larger bearish implication and target 61.8% retracement of 0.9406 to 1.4689 at 1.1424. However, firm

Daily Pivots: (S1) 1.3218; (P) 1.3252; (R1) 1.3300; More….

Intraday bias in USD/CAD remains neutral as consolidation from 1.3164 continues. Another recovery could be seen. But upside should be limited by 1.3387 support turned resistance and bring fall resumption. 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.

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.

Daily Pivots: (S1) 1.3704; (P) 1.3733; (R1) 1.3752; More…

Intraday bias in USD/CAD remains neutral and outlook is unchanged. On the upside, break of 1.3782 resistance will argue that correction from 1.3845 has completed with three waves down to 1.3608. Intraday bias will be back to the upside to resume larger rally from 1.3176 through 1.3845. However, sustained trading below 55 D EMA (now at 1.3629) will argue that whole rise from 1.3176 has completed already, and target 1.3477 support next.

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. Firm break of 1.3976 will confirm up resumption of whole up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3176 at 1.4149.

Daily Pivots: (S1) 1.2238; (P) 1.2285; (R1) 1.2312; More…

Intraday bias in USD/CAD remains on the downside for the moment. Current decline from 1.2919 would extend to retest 1.2061 low. Decisive break there will resume larger down trend. However, considering bullish convergence condition in 4 hour MACD, break of 1.2390 minor resistance should indicate short term bottoming. In this case, intraday bias will be turned back to the upside for rebound to 55 day EMA (now at 1.2531).

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.

Daily Pivots: (S1) 1.3340; (P) 1.3371; (R1) 1.3419; More…

USD/CAD’s rise from 1.2968 continues and reaches as high as 1.3401 so far. As noted before, pull back from 1.3598 has completed at 1.2968 already. Further rise is now expected as long as 1.3209 resistance turned support holds. Firm break of 1.3387 should pave the way to 1.3598 high. Also, break there will extend the larger rally from 1.2460 towards next fibonacci level at 1.3838. On the downside, though, below 1.3209 will turn bias back to the downside for 1.2968 support 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. 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.

Daily Pivots: (S1) 1.2571; (P) 1.2636; (R1) 1.2692; More….

USD/CAD continues to lose downside momentum as seen in 4 hour MACD. But there is no sign of bottoming yet. Intraday bias stays on the downside. Current decline from 1.3793 should target a test on 1.2460 low next. Meanwhile, considering bullish convergence condition in 4 hour MACD, break of 1.2770 will indicate short term bottoming In such case, there will be lengthier consolidation before staging another decline.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. Fall from 1.3793 is seen as the third leg and should target 50% retracement of 0.9406 to 1.4869 at 1.2048. At this point, we’d look for strong support from there to contain downside and bring rebound. However, firm break there will target 100% projection of 1.4689 to 1.2460 from 1.3793 at 1.1564.

Daily Pivots: (S1) 1.3016; (P) 1.3076; (R1) 1.3145; More…

Intraday bias in USD/CAD is staying in range of 1.2968/3168. We’re holding on to the view that corrective rise from 1.2460 has completed at 1.3598 already, after hitting 50% retracement of 1.4689 to 1.3838. Therefore, deeper decline is expected as long as 1.3168 minor resistance holds. Break of 1.2968 should pave the way to retest 1.2460 low. However, on the upside, break of 1.3168 will mix up the near term outlook and turn focus back to 1.3387 resistance first.

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 could be completed at 1.3598 and fall from there is tentatively seen as the third leg. Break of 1.2460 will target 50% retracement of 0.9460 to 1.4689 at 1.2075 before completing the correction. In case of another rise, we’d look for reversal signal above 61.8% retracement of 1.4689 to 1.2460 at 1.3838.

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Daily Pivots: (S1) 1.3610; (P) 1.3648; (R1) 1.3679; More…

Intraday bias in USD/CAD remains neutral first. Break of 1.3589 will resume the corrective fall from 1.3845 to 100% projection of 1.3845 to 1.3589 from 1.3790 at 1.3534. Strong support would be seen there to bring rebound. On the upside, above 1.3686 minor resistance will turn bias back to the upside for 1.3790 resistance instead.

In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern. In case of another fall, strong support should emerge above 1.2947 resistance turned support to bring rebound. Firm break of 1.3976 will confirm up resumption of whole up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3176 at 1.4149.

USDCAD stayed in the corrective pattern from 1.2916 last week and outlook is unchanged. Such correction is still in progress and deeper fall might 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.

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) 1.2451; (P) 1.2494; (R1) 1.2523; More….

Rebound from 1.2246 should have completed at 1.2687 already. Intraday bias stays on the downside for retesting 1.2246 low first. Break will resume the fall from 1.2919 and target key support level at 1.2061. On the upside, break of 1.2687 is needed to confirm resumption of rise from 1.2246. Otherwise, near term outlook will now stays cautiously bearish in case of recovery.

In the bigger picture, the rebound from 1.2246 is mixing up the medium term outlook. Nonetheless, USD/CAD is staying below falling 55 week EMA, hence, the bearish case is in favor. That is, fall from 1.4689 is not completed yet. Sustained break of 1.2061 key support will carry larger bearish implication and target 61.8% retracement of 0.9406 to 1.4689 at 1.1424. However, firm break of 1.2919 will revive the case of medium term reversal and turn outlook bullish.