Daily Pivots: (S1) 1.2819; (P) 1.2855; (R1) 1.2878; More…

Intraday bias in USD/CAD stays neutral and outlook is unchanged. Further decline is mildly in favor with 1.2945 minor resistance intact. Below 1.2766 will resume the fall from 1.3222 to 1.2818 support next. 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.

USD/CAD’s rebound from 1.3313 extended higher last week but failed to break through 1.3666 resistance. Initial bias is turned neutral this week first. Overall, price actions from 1.3976 are seen as a triangle consolidation pattern. Above 1.3666 will target 1.3860 resistance first. Firm break of 1.3860 will argue that larger up trend is ready to resume through 1.3976 high.

In the bigger picture, rise from 1.2005 (2021 low) is expected to resume through 1.3976 after consolidation from there completes. On decisive break of 1.3976, next target will be 1.4667/89 long term resistance zone. This will remain the favored case as long as 38.2% retracement of 1.2005 to 1.3976 at 1.3233 holds.

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 1.3031) holds.

Daily Pivots: (S1) 1.2688; (P) 1.2729; (R1) 1.2777; More…

USD/CAD’s rise from 1.2448 resumed by breaking 1.2795 resistance. Intraday bias is back on the upside for 1.2963 resistance first. Break there will target 1.3022 long term fibonacci level next. For now, outlook will remain bullish as long as 1.2680 support holds, in case of retreat.

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 break of 1.2984 resistance suggests that corrective decline from 1.3222 has completed with three waves down to 1.2726. Initial bias is now on the upside this week for retesting 1.3222 high next. On the downside, break of 1.2879 minor support will mix up the outlook and turn intraday bias neutral again.

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) 1.3711; (P) 1.3767; (R1) 1.3806; More….

No change in USD/CAD’s outlook as correction from 1.4667 is still in progress. We’d continue to expect strong support around 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound. On the upside, break of 1.3866 minor resistance will turn bias back to the upside for 1.4048 resistance. However, sustained break of 1.3762 will suggest deeper decline is underway for 61.8% projection of 1.4667 to 1.3855 from 1.4048 at 1.3546 next.

In the bigger picture, at this point, we’re still seeing rise from 1.2061 (2017 low) as resuming up trend from 0.9056 (2007 low). Decisive break of 1.4689 (2016 high) will confirm this bullish case. However, rejection by 1.4689, followed by 1.3664 support will suggest that rise from 1.2061 is merely part of the corrective pattern from 1.4689 and has completed. The pattern would have started another falling leg to 1.2951 support and possibly further to 1.2061.

Daily Pivots: (S1) 1.3736; (P) 1.3763; (R1) 1.3792; More….

Intraday bias in USD/CAD is turned neutral with 4 hour MACD crossed above signal line. At this point, we’d continue to expect strong support around 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound. On the upside, break of 1.3866 minor resistance will turn bias back to the upside for 1.4048 resistance. However, sustained break of 1.3762 will suggest deeper decline is underway for 61.8% projection of 1.4667 to 1.3855 from 1.4048 at 1.3546 next.

In the bigger picture, at this point, we’re still seeing rise from 1.2061 (2017 low) as resuming up trend from 0.9056 (2007 low). Decisive break of 1.4689 (2016 high) will confirm this bullish case. However, rejection by 1.4689, followed by 1.3664 support will suggest that rise from 1.2061 is merely part of the corrective pattern from 1.4689 and has completed. The pattern would have started another falling leg to 1.2951 support and possibly further to 1.2061.

Daily Pivots: (S1) 1.3988; (P) 1.4093; (R1) 1.4185; More….

USD/CAD’s breach of 1.4005 minor support dampens our bullish view. Instead, the development suggests that corrective pattern from 1.4667 is still extending. Intraday bias is back on the downside for 1.3855 support and possibly below. But downside should be contained by 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound. On the upside, above 1.4265 will revive the case that correction from 1.4667 has completed, and 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.

USD/CAD stayed in consolidation from 1.3464 last week and outlook is unchanged. Initial bias stays neutral first and another fall cannot be ruled out. But downside should contained well above 1.3202 support to bring rise resumption. On the upside, break of 1.3464 will extend the rally from 1.2951 to 100% projection of 1.2951 to 1.3329 from 1.3202 at 1.3580 next.

In the bigger picture, price actions from 1.3664 (2018 high) are seen as a corrective move that has likely completed at 1.2951. Rise from 1.2061 (2017 low) might be ready to resume. Decisive break 1.3664 will target 61.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.3941 next. For now, this will remain the favored case as long as 1.3202 support holds, in case of deep pull back.

In the longer term picture, outlook remains unchanged that price actions from 1.4689 (2016 high) are forming a corrective pattern. As long as 1.2061 support holds. Up trend from 0.9406 (2011 low) is in favor to resume through 1.4689 at a later stage.

USD/CAD’s rebound from 1.2448 extends higher last week. Initial bias stays on the upside this week. Break of 1.2812 will target 1.2963 resistance next. On the downside, below 1.2558 minor support will turn bias back to the downside for 1.2448 instead.

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.

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 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. However, firm break of 1.2061 support will argue that USD/CAD has already started a long term down trend. Next target is 61.8% retracement of 0.9406 to 1.4689 at 1.1424.

Daily Pivots: (S1) 1.2795; (P) 1.2888; (R1) 1.2940; More…

Intraday bias in USD/CAD remains neutral first and correction from 1.3075 could extend lower. On the upside, break of 1.3075 will resume the rise from 1.2401. Sustained trading above 1.3022 fibonacci level will carry larger bullish implications. Next target will be 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343. On the downside, however, break of 1.2712 support will indicate rejection by 1.3022 key fibonacci resistance, and bring deeper decline.

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 gyrated lower to 1.3261 last week but recovered strongly since then. Initial bias stays neutral this week and outlook is unchanged. While the choppy fall from 1.3704 might still extend lower, strong support is expected to 1.3224 key support to bring rebound. On the upside, above 1.3470 minor resistance will indicate short term bottoming on bullish convergence condition in 4 hour MACD, and turn intraday bias back to the upside for 1.3519 resistance and above. However, decisive break of 1.3224 would carry larger bearish implication.

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).

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 month EMA (now at 1.2953) holds.

Daily Pivots: (S1) 1.3088; (P) 1.3114; (R1) 1.3130; More…

USD/CAD drops notably today but stays above 1.3059 temporary low. Intraday bias remains neutral with focus on 1.3052/68 cluster support zone. Decisive break there will carry larger bearish implication and target 1.2673 fibonacci level next. However, break of 1.3151 support turned resistance will indicate short term bottoming and bring rebound back to 1.3239/3432 resistance zone.

In the bigger picture, medium term outlook stays neutral for now even though the case of bearish reversal is building up. Decisive break of 1.3068 cluster support (38.2% retracement of 1.2061 to 1.3664 at 1.3052) will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next. On the upside, 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, risk will stay on the downside.

Daily Pivots: (S1) 1.3558; (P) 1.3658; (R1) 1.3799; More….

Outlook in USD/CAD remains bullish with 1.3464 resistance turned support intact. Current rally should target 161.8% projection of 1.2951 to 1.3329 from 1.3202 at 1.3814 next. Though, break of 1.3464 will indicate short term topping and bring lengthier consolidations first.

In the bigger picture, price actions from 1.3664 (2018 high) are seen as a corrective move that has completed at 1.2951. Rise from 1.2061 (2017 low) should be ready to resume. Decisive break 1.3664 will target 61.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.3941 next. For now, this will remain the favored case as long as 1.3202 support holds, in case of deep pull back.

Daily Pivots: (S1) 1.2999; (P) 1.3020; (R1) 1.3045; More…

No change in USD/CAD’s outlook. Corrective fall from 1.3385 could still extend through 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. But we’d expect strong support from channel line (now at 1.2933) to complete the correction from 1.3385 and bring rebound. On the upside, firm break of 1.3095 resistance will turn bias to the upside for 1.3289 resistance.

In the bigger picture, as long as channel support (now at 1.2933) holds, we’re holding to the bullish view. That is, fall from 1.4689 (2015 high) has completed at 1.2061, ahead of 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. Further rally should be seen for 61.8% retracement of 1.4689 to 1.2061 at 1.3685 and above. However, sustained break of the channel support will argue that rise from 1.2061 has completed and will bring deeper fall to 1.2526 support to confirm.

Daily Pivots: (S1) 1.2734; (P) 1.2767; (R1) 1.2815; More….

USD/CAD’s breach of 1.2928 support turned resistance suggests short term bottoming at 1.2688, on bullish convergence condition in 4 hour MACD. Intraday bias is mildly on the upside. Break of 55 day EMA will target 1.3172 resistance. On the downside, break of 1.2688 low is now needed to confirm down trend resumption. Otherwise, risk will be mildly on the upside for more correction.

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.

Daily Pivots: (S1) 1.3154; (P) 1.3194; (R1) 1.3229; More….

Intraday bias in USD/CAD remains neutral for consolidations. Further decline is expected as long as 1.3271 resistance holds. Break of 1.3133 will resume larger fall from 1.4667 to long term fibonacci level at 1.3056. On the upside, considering bullish convergence condition, firm break of 1.3271 should confirm short term bottoming. Intraday bias will be turned back to the upside for rebound to 55 day EMA (now at 1.3439).

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 of 1.2061 to 1.4667 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3715 resistance holds. However, sustained break of 1.3715 will turn focus back to 1.4689 key resistance.

Daily Pivots: (S1) 1.2424; (P) 1.2451; (R1) 1.2472; More…

USD/CAD dropped further to as low as 1.2371 so far today. The break of 1.2421 key structural support suggests that larger rise from 1.2005 has completed at 1.2947 already. Intraday bias is now on the downside for 161.8% projection of 1.2947 to 1.2492 from 1.2894 at 1.2158 next. On the upside, above 1.2497 minor resistance will turn intraday bias neutral and bring consolidations. But risk will now remain on the downside as long as 1.2592 support turned resistance holds.

In the bigger picture, current development suggests that rebound from 1.2005 has already completed after rejection by 38.2% retracement of 1.4667 to 1.2005 at 1.3022. That in turn argues that down trend form 1.4667 (2020 high) is not completed. Medium term bearishness is also affirmed by the failure to sustain above 55 week EMA. Break of 1.2005 will resume the down trend to next long term fibonacci level at 61.8% retracement of 0.9406 to 1.4689 at 1.1424.

Daily Pivots: (S1) 1.2683; (P) 1.2719; (R1) 1.2768; More…

Intraday bias in USD/CAD remains neutral for the moment, and further rise is still mildly in favor. On the upside, break of 1.2795 will resume the rally from 1.2448 to 1.2963 resistance next. However, break of 1.2634 support will turn bias back to the downside for 1.2448 support instead.

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.

Daily Pivots: (S1) 1.2818; (P) 1.2859; (R1) 1.2940; More…

USD/CAD’s rise from 1.2516 is in progress and intraday bias stays on the upside for 1.3075 resistance. Sustained trading above 1.3022 fibonacci level will carry larger bullish implications. On the downside, below 1.2751 minor support will turn intraday bias neutral first.

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.

Daily Pivots: (S1) 1.2860; (P) 1.2954; (R1) 1.3003; More…

USD/CAD drops sharply to as low as 1.2812 so far today and fall from 1.3385 resumes. With 1.2879 key fibonacci level firmly taken out, such decline should now target next fibonacci level at 1.2567, which is close to 1.2526 support. On the upside, break of 1.3081 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish even in case of recovery.

In the bigger picture, the firm break of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level argues that whole choppy rebound from 1.2061 has completed at 1.3385 already. Deeper fall would be seen back to 61.8% retracement at 1.2567, which is close to 1.2526 support and possibly below. For now, we’re not seeing fall from 1.3385 as resuming larger down trend from 1.4689 (2015 high) yet. Thus, we’ll look for bottoming signal again below 1.2567 .