Daily Pivots: (S1) 1.2708; (P) 1.2751; (R1) 1.2780; More…

Intraday bias in USD/CAD remains on the upside, as rise from 1.2286 is in progress to 1.2894/2947 resistance zone. Break there will target 1.3022 long term fibonacci level next. On the downside, break of 1.2639 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, medium term outlook is neutral for now. The pair drew support from 1.2061 cluster and rebounded. Yet, upside was limited below 38.2% retracement of 1.4667 to 1.2005 at 1.3022. On the upside, firm break of 1.3022 should affirm the case of medium term bullish reversal. However, break of 1.2286 will turn focus back to 1.2005 low again.

Daily Pivots: (S1) 1.3198; (P) 1.3228; (R1) 1.3252; More….

USD/CAD’s rebound from 1.3115 is trying to resume by breaching 1.3284 temporary top. Intraday bias is back on the upside for 55 D EMA (now at 1.3369). On the downside, break of 1.3202 minor support will turn bias back to the downside for retesting 1.3115 low instead.

In the bigger picture, price actions from 1.3976 are still viewed as a correction to up trend from 1.2005 (2021 low). Risk will stay on the downside as long as 1.3299 support turned resistance holds. Next target is 61.8% retracement of 1.2005 to 1.3976 at 1.2758. However, sustained trading above 1.3229 will raise the chance that the correction has completed and turn focus back to 1.3653 resistance.

Daily Pivots: (S1) 1.2548; (P) 1.2579; (R1) 1.2614; More….

Intraday bias in USD/CAD remains neutral at this point. Corrective recovery from 1.2363 might extend higher. But outlook will remain bearish as long as 1.2742 resistance holds. On the downside, break of 1.2363 will resume larger down trend to 100% projection of 1.3389 to 1.2588 from 1.2880 at 1.2079.

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) 1.2421; (P) 1.2460; (R1) 1.2485; More….

Intraday bias in USD/CD remains on the downside at point as down trend form 1.4667 is resuming. Further fall should be seen to 61.8% projection of 1.3389 to 1.2588 from 1.2880 at 1.2385. Break will target 100% projection at 1.2079. On the upside, above 1.2519 minor resistance will turn intraday bias neutral first. But break of 1.2742 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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) 1.3270; (P) 1.3320; (R1) 1.3351; More…

Current development argues that rebound from 1.3068 has possibly completed with three waves up to 1.3467. Intraday bias mildly on the downside for 1.3068/3112 key support zone. On the upside, though, break of 1.3385 minor resistance will turn bias back to the upside for 1.3467 resistance instead.

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 1.3157) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

Daily Pivots: (S1) 1.3632; (P) 1.3663; (R1) 1.3690; More….

Intraday bias in USD/CAD is turned neutral as retreat from 1.3699 is extending today. On the upside, above 1.43699 will target 1.3784 first. Break there will will resume larger rise from 1.3091 to retest 1.3976 high. On the downside, below 1.3568 will bring another falling leg to extend the near term corrective pattern from 1.3784 instead.

In the bigger picture, current development revives the case that corrective pattern from 1.3976 (2022 high) has completed with three waves down to 1.3091. Decisive break of 1.3976 high will confirm resumption of up trend from 1.2005 (2021 low). Next target will be 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. This will now remain the favored case as long as 1.3378 support holds.

Daily Pivots: (S1) 1.2658; (P) 1.2719; (R1) 1.2806; More…

Intraday bias in USD/CAD remains neutral first. As long as 1.2604 support holds, we’d still slightly favor another rally. Break of 1.2963 will target 1.3022 key medium term fibonacci level. Sustained break of 1.3022 will carry larger bullish implications. However, firm break of 1.2604 will bring deeper fall back to 1.2286 support instead.

In the bigger picture, focus will be on 38.2% retracement of 1.4667 (2020 high) to 1.2005 (2021 low) at 1.3022. Sustained break there should confirm that the down trend from 1.4667 has completed after defending 1.2061 long term cluster support. Further rise would then be seen towards 61.8% retracement at 1.3650. On the downside, however, break of 1.2286 will turn focus back to 1.2005 low again.

USD/CAD’s strong rebound last week argues that corrective fall from 1.3385 has completed at 1.2886 already. And, 1.2879 fibonacci level was defended. the development also revived the bullish case that rise from 1.2061 isn’t completed. With a temporary top formed at 1.3225, initial bias is neutral this week first. Downside of retreat should be contained well above 1.2886 to bring rally resumption. On the upside, above 1.3225 will target a test on 1.3385 high.

In the bigger picture, strong rebound ahead of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level retains medium term bullishness. That is, rise from 2017 low at 1.2061 is still in progress. Break of 1.3384 should target 61.8% retracement of 1.4689 (2015 high) to 1.2061 (2017 low) at 1.3685. On the downside, as long as 1.2886 support holds, outlook will now remain bullish.

In the longer term picture, corrective fall from 1.4689 (2015 high) should have completed with three waves down to 1.2061, just ahead of 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. The development keeps long term up trend from 0.9406 and that from 0.9056 (2007 low) intact. For now, there is prospect of extending the long term up trend to 61.8% projection of 0.9406 to 1.4689 from 1.2061 at 1.5326 in medium to long term.

Daily Pivots: (S1) 1.3290; (P) 1.3310; (R1) 1.3331; More…

USD/CAD is staying in consolidation below 1.3347 temporary top. Intraday bias remains neutral first. Further rise is expected as long as 1.3206 support holds. Break of 1.3347 will target 1.3382 resistance first. Break will resume whole rise from 1.3016. However, break of 1.3206 will turn bias to the downside for 1.3133 support instead.

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.

Daily Pivots: (S1) 1.2847; (P) 1.2872; (R1) 1.2907; More….

USD/CAD is still bounded in range below 1.2913 temporary top and intraday bias stays neutral. As long as 1.2748 minor support holds, further rise is expected. Break of 1.2913 will target a test on 1.3124 high next. Though, break of 1.2748 will turn focus back to 1.2526 support instead.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

USD/CAD edged higher to 1.3564 last week as rise from 1.3068 resumed through 1.3521 resistance. Upside momentum is so far relatively week. But further rally is still expected as long as 1.3429 support holds. USD/CAD should target a test on 1.3664 high next.

In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3335). 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 of the channel support will be the first sign of medium term reversal. Firm break of 1.3068 would confirm.

In the longer term picture, corrective fall from 1.4689 (2015 high) should have completed with three waves down to 1.2061, just ahead of 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. The development keeps long term up trend from 0.9406 and that from 0.9056 (2007 low) intact. For now, there is still prospect of extending the long term up trend through 1.4689.

Daily Pivots: (S1) 1.2961; (P) 1.2994; (R1) 1.3026; More…..

Intraday bias in USD/CAD remains on the upside for the moment. Rise from 1.2526 has just resumed and should target a test on 1.3124 resistance next. Decisive break there should confirm medium term trend reversal. On the downside, below 1.2919 minor support will dampen the bullish view and turn bias neutral again.

In the bigger picture, we’re favoring the case that that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685. However, break of 1.2526 support will dampen this bullish view again. And, focus will be back on 1.2061 key support level, which is close to 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048.

Daily Pivots: (S1) 1.2868; (P) 1.2906; (R1) 1.2949; More….

USD/CAD’s sharp decline today now puts 38.2% retracement of 1.2246 to 1.3124 at 1.2789 into focus. Sustained break there should confirm near term reversal, on head and shoulder top pattern (ls: 1.3000; h: 1.3124; rs: 1.2942). That will also indicate rejection by 1.3065 fibonacci level. Deeper fall would than be seen back to 1.2246 support next. On the upside, though, break of 1.2942 will indicate support from 1.2789 and turn bias back to the upside for 1.3124.

In the bigger picture, outlooks is turned a bit mixed again. Strong support was seen from 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. But there was no follow through buying above 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Rejection by 1.3065 will argue that price action from 1.2061 is merely a three wave corrective pattern. And 1.2061 will be put back into focus with medium term bearishness revived.

Daily Pivots: (S1) 1.2304; (P) 1.2326; (R1) 1.2364; More…

Outlook in USD/CAD remains unchanged and intraday bias stays neutral. On the downside, break of 1.2251 support will argue that rebound from 1.2005 has completed after failing medium term channel resistance. Intraday bias will be back on the downside for retesting 1.2005. On the upside, above 1.2402 minor resistance will resume the rebound from 1.2005 towards 1.2653 key structural 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 might 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. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

Daily Pivots: (S1) 1.2969; (P) 1.2997; (R1) 1.3050; More…

USD/CAD’s strong rebound and break of 1.2975 support turned resistance suggests that fall from 1.3225 has completed at 1.2883 already. Also, 1.2879 key fibonacci level remains intact and thus, we’re staying bullish in the pair. That is, larger rise from 1.2061 is expected to resume after consolidation from 1.3385 completes. Intraday bias is back on the upside for 1.3063 resistance first. Break will target 1.3225 key near term resistance. On the downside, however, break of 1.2971 minor support will turn focus back on 1.2879 fibonacci level.

In the bigger picture, focus is back on 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level. As long as it holds, rise from 2017 low at 1.2061 is still in progress. Break of 1.3384 should target 61.8% retracement of 1.4689 (2015 high) to 1.2061 (2017 low) at 1.3685. However, sustained break of 1.2879 will dampen his bullish view and turn focus back to 61.8% retracement at 1.2567, which is close to 1.2526 support.

USD/CAD edged higher to 1.3686 last week but turned sideway since then. Initial bias remains neutral this week first. For now, risk will remain on the upside as long as 1.3315 support holds and another rally is in favor. On the upside, break of 1.3686 will extend the rebound to 38.2% retracement of 1.4667 to 1.3315 at 1.3831.

In the bigger picture, the rise from 1.2061 (2017 low) could have completed at 1.4667 after failing 1.4689 (2016 high). Fall from 1.4667 could be the third leg of the corrective pattern from 1.4689. Deeper fall is expected to 61.8% retracement at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

In the longer term picture, the bullish case of resuming the up trend from 0.9506 (2007 low) is delayed. Consolidation from 1.4689 is extending for another medium term fall. As long as 1.2061 support holds, such up trend should still resume through 1.4689 at a later stage.

Daily Pivots: (S1) 1.3435; (P) 1.3469; (R1) 1.3506; More…

USD/CAD is staying in consolidation from 1.3521 and intraday bias remains neutral first. In case of deeper pull back, downside should be contained above 1.3274 support to bring rally resumption. On the upside, firm break of 1.3521 will resume the whole rise from 1.3068 to retest 1.3664 high. However, decisive break of 1.3274 support will indicate completion of rise from 1.3068 and turn outlook bearish.

In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3296). 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.

USD/CAD extended sideway trading above 1.3091 last week and outlook is unchanged. Initial bias stays neutral this week first. Outlook stays bearish for further decline with 1.3385 resistance intact. On the downside, break of 1.3091 will resume larger fall and target 61.8% projection of 1.3653 to 1.3115 from 1.3386 at 1.3054. However, firm break of 1.3386 will indicate near term reversal and turn outlook bullish.

In the bigger picture, price actions from 1.3976 are viewed as a correction to up trend from 1.2005 (2021 low) only. But even so, deeper decline is expected as long as 1.3386 resistance holds. Further fall could be seen to 61.8% retracement of 1.2005 to 1.3976 at 1.2758. Meanwhile, break of 1.3386 will be a sign that the correction has completed and bring stronger rally back to retest 1.3976.

In the longer term picture, price actions from 1.4689 (2016 high) are seen as a consolidation pattern only, which might have completed at 1.2005. That is, up trend from 0.9506 (2007 low) is expected to resume at a later stage. This will remain the favored case as 55 M EMA (now at 1.3048) holds.

Daily Pivots: (S1) 1.3976; (P) 1.4043; (R1) 1.4153; More….

Intraday bias in USD?CAD stays neutral first and outlook is unchanged. Price actions from 1.4667 are seen as a corrective pattern. on the upside, break of 1.4265 resistance will indicate completion of the correction. Intraday bias will be turned back to the upside for retesting 1.4667. Intraday bias will be turned back to the upside for retesting 1.4667. In case of another fall, downside should be contained by 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound.

In the bigger picture, rise from 1.2061 is likely resuming whole up trend from 0.9056 (2007 low). Decisive break of 1.4689 will confirm this bullish case. Next medium term target is 161.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.5545. Rejection by 1.4689 will bring some consolidations first. But outlook will remain bullish as long as 1.3664 resistance turned support holds, even in case of deep pull back.

USD/CAD gyrated in range of 1.3490/3715 last week and outlook is unchanged. Initial bias remains neutral this week first. With 1.3490 support holds, further rally remains in favor. On the upside, break of 1.3715 resistance will resume the rebound from 1.3315 to 38.2% retracement of 1.4667 to 1.3315 at 1.3831. On the downside, however, break of 1.3490 will argue that the rebound has completed and turn bias back to the downside for retesting 1.3315 low.

In the bigger picture, the rise from 1.2061 (2017 low) could have completed at 1.4667 after failing 1.4689 (2016 high). Fall from 1.4667 could be the third leg of the corrective pattern from 1.4689. Deeper fall is expected to 61.8% retracement at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

In the longer term picture, the bullish case of resuming the up trend from 0.9506 (2007 low) is delayed. Consolidation from 1.4689 is extending for another medium term fall. As long as 1.2061 support holds, such up trend should still resume through 1.4689 at a later stage.