Daily Pivots: (S1) 1.2651; (P) 1.2678; (R1) 1.2729; More…

USD/CAD’s rise from 1.2286 continues today and hit as high as 1.2715 so far. Intraday bias stays on the upside for 1.2894/2947 resistance zone next. On the downside, break of 1.2583 minor support is needed to be the first sign of short term topping. Otherwise, near term outlook will stay mildly 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) 1.3262; (P) 1.3301; (R1) 1.3324; More…

Intraday bias in USD/CAD remains neutral as consolidation from 1.3345 is still extending. Further rise is expected as long as 1.3177 minor support holds. On the upside, break of 1.3345 will resume the rebound from 1.3016 to 1.3564/3664 resistance zone. Nevertheless, break of 1.3177 will turn bias back to the downside for 1.3016 instead.

In the bigger picture, focus stays on 1.3068 cluster support (38.2% retracement of 1.2061 to 1.3664 at 1.3052). Strong rebound from there will retain medium term bullish. But sustained break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685, is needed to confirm resumption of up trend from 1.2061 (2017 low). Otherwise, medium term outlook will stay neutral first. Decisive 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) 1.3026; (P) 1.3052; (R1) 1.3069; More….

Intraday bias in USD/CAD remains neutral and outlook is unchanged. With 1.3102 resistance intact, further decline is expected. On the downside, break of 1.2951 will resume larger decline to 100% projection of 1.3564 to 1.3016 from 1.3327 at 1.2779 next. However, sustained break of 1.3102 will confirm short term bottoming and target 55 day EMA (now at 1.3142) and above.

In the bigger picture, rise from 1.2061 (2017 low) could have completed at 1.3664, after failing 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. However, structure of price actions from 1.3664 argues that it’s probably just a corrective move. Hence, while further fall is expected, downside should be contained by 61.8% retracement of 1.2061 to 1.364 at 1.2673. Nevertheless, sustained break of 1.2673 will put focus on 1.2061 low.

USD/CAD edged higher to 1.3066 last week but again, failed to extend recent rise and retreated. Initial bias remains neutral this week first. As long as 1.2817 minor support holds, near term outlook remains cautiously bullish. Above 1.3066 will resume the rise from 1.2526 and target 1.3124 key resistance next. However, break of 1.2817 will indicate near term reversal and turn bias to the downside for 1.2728 support and below.

In the bigger picture, we’re favoring the case that that rebound from 1.2061 has not completed yet. But there is no follow through upside momentum so far. Focus remains 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.

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) 1.2624; (P) 1.2656; (R1) 1.2682; More…

USD/CAD’s fall from 1.3075 is still in progress and intraday bias stays on the downside for 1.2401 support. Firm break there will argue that whole rebound from 1.2005 has completed. Deeper fall would then be seen to retest this low. On the upside, though, above 1.2884 minor resistance will revive near term bullishness and turn bias back to the upside for 1.3075 high.

In the bigger picture, focus stays 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. However, rejection by 1.3022 will maintain medium term bearishness. Break of 1.2005 will resume the down trend from 1.4667 and that carries larger bearish implications too.

USD/CAD’s decline from 1.3222 continued last week and broke through 1.2818 support. Initial bias stays on the downside this week for 1.2516 key support. On the upside, above 1.2945 minor resistance will revive near term bullishness, and turn bias back to the upside for retesting 1.3222 instead.

In the bigger picture, down trend from 1.4667 (2020 high) should have completed at 1.2005, after defending 1.2061 long term cluster support. Rise from there should target 61.8% retracement of 1.4667 to 1.2005 (2021 low) at 1.3650. This will remain the favored case now as long as 1.2516 support holds.

In the longer term picture, price actions from 1.4689 (2016 high) are seen as a consolidation pattern only. That is, up trend from 0.9506 (2007 low) is still expected to resume at a later stage. This will remain the favored case as long as 1.2061 support holds, which is close to 50% retracement of 0.9406 to 1.4689 at 1.2048.

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

USD/CAD dropped sharply to as low as 1.2619, but recovered ahead of 1.2604 near term support. Intraday bias is turned 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.

Daily Pivots: (S1) 1.3589; (P) 1.3634; (R1) 1.3697; More….

Range trading continues in USD/CAD and intraday bias stays neutral. Further rally is still in favor as long as 1.3516 support holds. Break of 1.3704 will resume the rebound from 1.3224 to 1.3807 resistance. Break there will bring retest of 1.3976 high. On the downside, however, break of 1.3516 support will suggest that the rebound has completed, and turn bias back to the downside.

In the bigger picture, as long as 1.3222 cluster support (38.2% retracement of 1.2005 to 1.3976 at 1.3223) holds, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 high at a later stage. However, firm break of 1.3222/3 will indicate that the trend might have reversed. Deeper fall would be seen to next cluster support at 1.2726 (61.8% retracement at 1.2758).

Daily Pivots: (S1) 1.4058; (P) 1.4102; (R1) 1.4188; More….

USD/CAD recovered after drawing support from 4 hour 55 EMA. But upside is limited below 1.4182 temporary top so far. Intraday bias remains neutral first. On the upside, break of 1.4182 will solidify the case that correction from 1.4667 has completed at 1.3855. Intraday bias will be turned back to the upside for 1.4349 resistance, and then 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.

Daily Pivots: (S1) 1.4006; (P) 1.4062; (R1) 1.4094; More….

Intraday bias in USD/CAD remains neutral and outlook is unchanged. Corrective pattern from 1.4667 is still extending. But 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. On the upside, break of 1.4265 will turn bias back to the upside for retesting 1.4667 high.

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.

Daily Pivots: (S1) 1.2435; (P) 1.2504; (R1) 1.2546; More….

Intraday bias in USD/CAD remains on the downside at this point. Down trend from 1.4667 is resuming. Next target is 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, 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) 1.2739; (P) 1.2799; (R1) 1.2833; More…

Intraday bias in USD/CAD stays neutral for the moment and some more consolidations could be seen. Near term outlook stays mildly bullish as long as 1.2604 support holds. On the upside, above 1.2935 will target 1.2947 resistance next. Firm break there will target 1.3022 key medium term fibonacci level.

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.

Daily Pivots: (S1) 1.2562; (P) 1.2595; (R1) 1.2644; More….

Intraday bias in USD/CAD remains neutral first. Rebound from 1.2363 could still extend higher. But outlook will remain bearish as long as 1.2742 resistance holds. On the downside, below 1.2472 minor support will bring retest of 1.2363 low. Firm break there will resume larger down trend from 1.4667. Next target is 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.

USD/CAD edged lower to 1.2629 last week as down trend resumed. But it quickly lost momentum and recovered. Initial bias is neutral this week for some consolidations first. Outlook will stays bearish as long as 1.2797 resistance holds. On the downside, break of 1.2629 will resume the larger down trend from 1.4667 to 100% projection of 1.3172 to 1.2688 from 1.2957 at 1.2473 next. However, considering bullish convergence condition in 4 hour MACD, break of 1.2797 resistance will indicate short term bottoming. Intraday bias will be turned back to the upside for rebound, to 1.2957 resistance.

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 1.3389 resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.

In the longer term picture, we’re viewing price actions from 1.4689 as a consolidation pattern. Thus, up trend from 0.9506 (2007 low) is still expected to resume at a later stay. This will remain the favored case as long as 1.2061 support holds, which is close to 50% retracement of 0.9406 to 1.4689 at 1.2048.

Daily Pivots: (S1) 1.2899; (P) 1.2931; (R1) 1.2978; More…

Intraday bias in USD/CAD remains on the upside at this point. Current rise from 1.2286 should target 1.3022 key medium term fibonacci level. Sustained break of 1.3022 will carry larger bullish implications. Next target will be 100% projection of 1.2005 to 1.2947 from 1.2286 at 1.3228. ON the downside, break of 1.2762 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.

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.

Daily Pivots: (S1) 1.2577; (P) 1.2606; (R1) 1.2637; More…

USD/CAD’s fall from 1.2947 is resuming by breaching 1.2577 temporary low. Intraday bias is back on the downside for 1.2421 support. Sustained break there will suggest rejection by 1.3022 fibonacci level. Rise from 1.2005 could have completed in this case and deeper fall would be seen to retest this low. On the upside, break of 1.2701 minor resistance will retain near term bullishness, and turn bias back to the upside for retesting 1.2947 high.

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.

Daily Pivots: (S1) 1.2540; (P) 1.2581; (R1) 1.2619; More….

USD/CAD lost some downside momentum as it’s pressing 61.8% retracement of 1.2246 to 1.3124 at 1.2581. But intraday bias stays on the downside as long as 1.2622 minor support holds. Sustained break of 1.2581 will pave the way to 1.2061/2246 support zone. On the upside, above 1.2622 will turn intraday bias neutral and bring recovery. But upside should be limited below 1.2814 support turned resistance and bring another fall.

In the bigger picture, current development turns favors to the case that rise from 1.2061 is a corrective three wave pattern. It could have completed at 1.3124 after hitting 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Focus is now back on 1.2061 and 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. Decisive break there will resume larger down trend from 1.4689 (2016 high) to 61.8% retracement of 0.9406 to 1.4689 at 1.1424.

Daily Pivots: (S1) 1.3537; (P) 1.3559; (R1) 1.3574; More….

Intraday bias in USD/CAD remains neutral at this point. Further rally is still expected as long as 1.3485 support holds. Break of 1.3715 will extend the rebound from 1.3315 to 38.2% retracement of 1.4667 to 1.3315 at 1.3831. On the downside, however, break of 1.3485 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.

Daily Pivots: (S1) 1.3148; (P) 1.3209; (R1) 1.3259; More…

Intraday bias in USD/CAD remains on the downside for the moment. Rise from 1.2781 should have completed at 1.3359, ahead of 1.3385 key resistance. Further fall should be seen to 38.2% retracement of 1.2781 to 1.3359 at 1.3138 first. Break will target 61.8% retracement at 1.3002. On the upside, break of 1.3385 resistance is needed to confirm upside momentum. Otherwise, risk will stay on the downside even in case of strong rebound.

In the bigger picture, current development argues that medium term corrective pattern from 1.3385 is extending with another falling leg. While deeper decline could be seen, downside should be contained by 50% retracement of 1.2061 to 1.3385 at 1.2723 to bring rebound. An eventual upside break out is still expected to 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685, at a later stage.

Daily Pivots: (S1) 1.2609; (P) 1.2674; (R1) 1.2707; More….

Intraday bias in USD/CAD is turned neutral with 4 hour MACD crossed below signal line. Rebound from 1.2446 might still extend higher. But overall outlook will remain bearish as long as 1.2880 resistance holds. Below 1.2586 will turn bias to the downside and bring retest of 1.2466 low first. However, sustained break of 1.2880 will argue that fall from 1.3389 has completed and bring stronger rise to 1.2994 support turned resistance.

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.