Daily Pivots: (S1) 1.2595; (P) 1.2696; (R1) 1.2757; More…

Intraday bias in USD/CAD remains neutral with focus on 1.2635 support. Break there will extend the pattern from 1.2947 and turn intraday bias to the downside for 1.2492 support. But overall, rise from 1.2005 is still in progress with 1.2421 support intact. On the upside, above 1.2891 will bring retest of 1.2947 high first.

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) 1.2845; (P) 1.2906; (R1) 1.2945; More…

Intraday bias in USD/CAD remains neutral for the moment. On the downside, break of 1.2818 minor support will resume the fall from 1.3077 towards 1.2516 support next. On the upside, break of 1.3077 and sustained trading above 1.3022 fibonacci level will carry larger bullish implications, and bring up trend resumption.

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.

Daily Pivots: (S1) 1.2682; (P) 1.2727; (R1) 1.2817; More…

Intraday bias in USD/CAD is turned neutral with current retreat from 1.2891 temporary top. On the upside, above 1.2891 will target a test on 1.2947 high. On the downside, however, break of 1.2635 minor support will turn bias back to the downside for 1.2492 support. Overall, rise from 1.2005 is still in progress with 1.2421 support intact. Firm break of 1.2947 will target 1.3022 fibonacci level next.

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) 1.3412; (P) 1.3435; (R1) 1.3453; More…

Consolidation from 1.3521 is still in progress and intraday bias in USD/CAD remains neutral first. Deeper retreat through 1.3376 cannot be ruled out. But in that case, 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.

Daily Pivots: (S1) 1.3156; (P) 1.3200; (R1) 1.3246; More…

USD/CAD’s rally is still in progress. Intraday bias stays on the upside for 100% projection of 1.2246 to 1.3124 from 1.2526 at 1.3404 next. On the downside, below 1.3120 minor support will turn intraday bias neutral and bring consolidation first, before staying another rise.

In the bigger picture, current development solidify the view of bullish trend reversal. 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. This will now be the preferred case as long as 1.2526 support holds, even in case of deep pull back.

Daily Pivots: (S1) 1.3212; (P) 1.3238; (R1) 1.3268; More…

A temporary top is in place at 1.3264 in USD/CAD and intraday bias is turned neutral first. Further rise is expected as long as 1.3056 support holds. On the upside, above 1.3264 will extend the rally from 1.2781 to retest 1.3385 high. However, break of 1.3056 will indicate near term reversal and turn outlook bearish

In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.

Daily Pivots: (S1) 1.2949; (P) 1.2974; (R1) 1.2989; More….

USD/CAD is staying in consolidation from 1.2951 temporary low and intraday bias remains neutral. In case of stronger recovery, upside should be limited by 1.3102 resistance to bring fall resumption. On the downside, break of 1.2951 will target 100% projection of 1.3564 to 1.3016 from 1.3327 at 1.2779 next.

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.

Daily Pivots: (S1) 1.3426; (P) 1.3466; (R1) 1.3518; More…

Intraday bias in USD/CAD remains on the upside at this point. Rise from 1.2781 is part of the up trend from 1.2061 and would target 1.3685 fibonacci level next. On the downside, below 1.3415 minor support will turn intraday bias neutral first and bring consolidations. But retreat should be contained well above 1.3164 support to bring rise resumption.

In the bigger picture, up trend from 1.2061 (2017 low) is still in progress and should target to 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. However, such rise is not clearly impulsive yet. And it could be the second leg of the long term corrective pattern that started at 1.4689. Hence, even in case of further rally, we’d be cautious on loss of momentum and topping above 1.3685. Nevertheless, in any case, outlook will stay bullish as long as channel support (now at 1.2972) holds.

Daily Pivots: (S1) 1.3637; (P) 1.3672; (R1) 1.3695; More…

USD/CAD’s extended fall from 1.3790 suggests that rebound form 1.3589 has completed. Corrective pattern from 1.3845 is now in the third leg. Intraday bias is back on the downside for 1.3589 support. Break there will target 100% projection of 1.3845 to 1.3589 from 1.3790 at 1.3534. On the upside, above 1.3717 minor resistance will turn intraday bias neutral first.

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) 1.2567; (P) 1.2597; (R1) 1.2624; More….

Intraday bias in USD/CAD remains neutral and outlook is unchanged. 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.

Daily Pivots: (S1) 1.2828; (P) 1.2871; (R1) 1.2924; More….

As noted before, considering loss of upside momentum in 4 hour MACD and proximity to 1.2919 key resistance, intraday bias in USD/CAD stays neutral first. On the downside, below 1.2757 resistance turned support will indicate rejection from 1.2919 resistance. Intraday bias will be turned back to the downside for 1.2614 support first. Nonetheless, firm break of 1.2919 will resume the rise from 1.2061 low and target 1.3065 fibonacci level

In the bigger picture, current development is reviving the case of medium term reversal after drawing support from 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. Break of 1.2919 will add more credence to this bullish case and target 38.2% retracement of 1.4689 to 1.2061 at 1.3065 first. Break will target 61.8% retracement at 1.3685. However, break of 1.2450 near term support will turn focus back to 1.2061 low instead.

Daily Pivots: (S1) 1.3744; (P) 1.3769; (R1) 1.3814; More…

USD/CAD’s rally from 1.3176 is in progress and intraday bias remains on the upside. Decisive break of 100% projection of 1.3176 to 1.3540 from 1.3477 at 1.3841 will pave the way to 138.2% projection at 1.3980. On the downside, below 1.3773 minor support will turn intraday bias neutral and bring consolidations first, before staging another rise.

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) 1.3487; (P) 1.3573; (R1) 1.3725; More…

USD/CAD continues to lose upside momentum ahead of 1.3685 fibonacci level. But with 1.3566 minor support intact, further rise is still in favor. Decisive break of 1.3685 will target 1.3793 key medium term resistance next. On the downside, break of 1.3566 will indicate short term topping and bring deeper pull back to 55 day EMA (now at 1.3319).

In the bigger picture, up trend from 1.2061 (2017 low) is still in progress and should target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. At this point, the structure is not clearly impulsive yet. Hence, we’d be cautious on topping between 1.3685/3793. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

Daily Pivots: (S1) 1.2258; (P) 1.2288; (R1) 1.2309; More…

USD/CAD is staying in consolidation above 1.2265 temporary low and intraday bias remains neutral. In case of another recovery, upside should be limited well below 1.2653 resistance to bring down trend resumption. Break of 1.2265 will target 100% projection of 1.2880 to 1.2363 from 1.2653 at 1.2136 next.

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). We’d look for strong support from there to bring rebound. Nevertheless, sustained break of 1.2653 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.

USD/CAD’s late rebound last week suggests that pull back from 1.3693 has completed at 1.3378. Initial bias is back on the upside for retesting 1.3693 high next. Strong resistance could be seen there to limit upside on first attempt. On the downside, below 1.3415 support will resume the fall from 1.3693 through 1.3378 to 61.8% retracement of 1.3091 to 1.3693 at 1.3321.

In the bigger picture, no change in the view that price actions from 1.3976 (2022 high) are a corrective pattern to up trend from 1.2005 (2021 low). The question is whether it has completed with three waves down to 1.3091, or still extending. But even in case of extension, downside should be contained by 50% retracement of 1.2005 to 1.3796 at 1.2991. Meanwhile, firm break of 1.3693 should validate the former case, and target 1.3976 and above.

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 1.3082) holds.

Daily Pivots: (S1) 1.3270; (P) 1.3295; (R1) 1.3313; More….

Intraday bias in USD/CAD is turned neutral with current retreat. Focus stays on 1.3327 key resistance. As noted before, corrective pattern from 1.3664 should have completed as a triangle at 1.2951. Sustained break of 1.3327 resistance should confirm this bullish case and pave the way for retest of 1.3664 high. However, break of 1.3262 will indicate short term topping and bring deeper pull back to 55 day EMA (now at 1.3178).

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.

Daily Pivots: (S1) 1.2527; (P) 1.2558; (R1) 1.2616; More…

Intraday bias in USD/CAD remains mildly on the upside for 1.2619 support turned resistance first. Firm break there will argue that whole pull back from 1.2963 has completed and bring stronger rally through 1.2812 to retest 1.2964. Nevertheless, rejection by 1.2619, followed by break of 1.2448, will retain near term bearishness for deeper decline to 1.2286 support next.

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 form 1.4667 and that carries larger bearish implications too.

Daily Pivots: (S1) 1.3132; (P) 1.3179; (R1) 1.3266; More….

Intraday bias in USD/CAD remains neutral for consolidation above 1.3091. Outlook will remain bearish as long as 1.3386 resistance holds. Break of 1.3091 will resume larger decline to 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.

Daily Pivots: (S1) 1.3150; (P) 1.3174; (R1) 1.3192; More…

Intraday bias in USD/CAD remains mildly on the upside at this point. Rebound from 1.3016 short term bottom should target 55 day EMA (now at 1.3212). Sustained break there would pave the way back to 1.3564/3664 resistance zone. On the downside, break of 1.3116 minor support will turn bias back to the downside for 1.3016 low instead.

In the bigger picture, focus stays on 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) 1.2743; (P) 1.2820; (R1) 1.2865; More…..

USD/CAD is still bounded in range of 1.2728/2996 and intraday bias remains neutral first. At this point, we’re still viewing price actions from 1.3124 as a corrective move that could be completed at 1.2526 already. Break of 1.2996 will turn bias to the upside and extend the rise from 1.2526 to 1.3124 key resistance next. However, break of 1.2728 will dampen this bullish view and bring deeper fall back to 1.2526 and possibly below.

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.