Daily Pivots: (S1) 1.3355; (P) 1.3379; (R1) 1.3409; More…

Intraday bias in USD/CAD remains neutral and more consolidations could be seen. On the upside, firm break of 1.3467 resistance will resume rise from 1.3068. Further rally should be seen to retest 1.3664 next. On the downside, sustained break of 1.3250 will indicate completion of whole rebound from 1.3068. In that case, deeper fall would be seen back to 1.3068/3112 support zone.

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 1.3210) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). However, firm break of the channel support should confirm reversal and target 1.2061 low again.

Daily Pivots: (S1) 1.2761; (P) 1.2795; (R1) 1.2852; More…..

Intraday bias in USD/CAD remains neutral as it’s staying in range of 1.2728/2996. No change in our view that 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.

Daily Pivots: (S1) 1.3316; (P) 1.3338; (R1) 1.3376; More…

USD/CAD surges to as high as 1.3441 so far in early US session. Intraday bias remains on the upside and outlook is unchanged. The pull back from 1.3664 should have completed at 1.3068. Further rise should be seen for retesting 1.3664 and then 1.3685 fibonacci level. On the downside, below 1.3329 minor support will turn bias neutral first.

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 1.3118) 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) 1.2667; (P) 1.2694; (R1) 1.2739; More…

Intraday bias in USD/CAD is turned neutral with current recovery. On the upside, break of 1.2742 minor resistance will suggest that pull back from 1.2852 has completed. Intraday bias is turned back to the upside for resuming the rally from 1.2286 through 1.2852. On the downside, firm break of 1.2604 will argue that rebound from 1.2286 might be finished at 1.2852. Deeper fall would be seen back to 1.2286 support.

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) 1.3036; (P) 1.3063; (R1) 1.3112; More…

USD/CAD’s rally extends to as high as 1.3119 so far today. The strong break of 1.3081 resistance is taken as first sign of completion of whole choppy fall from 1.3385. Intraday bias remains on the upside for 1.3225 resistance to confirm this bullish case. Decisive break there will pave the way to retest 1.3385 high. On the downside, below 1.3027 minor support will turn intraday bias neutral first. But as long as 1.2916 support holds, further rally will remain mildly in favor in case of retreat.

In the bigger picture, current development argues that choppy corrective fall from 1.3385 has completed at 1.2781 already. And that in turns suggests that the up trend from 1.2061 is still in progress. Decisive break of 1.3385 will pave the way to 61.8% retracement of 1.4689 to 1.2061 at 1.3685. On the downside, though, break of 1.2916 support will likely extend the fall fro 1.3385 to 61.8% retracement of 1.2061 to 1.3385 at 1.2567 before completion.

USD/CAD’s rise from 1.2286 continued last week despite diminishing upside momentum. Initial bias stays on the upside this will for 1.2894/2947 resistance zone. Break there will target 1.3022 long term fibonacci level next. On the downside, break of 1.2639 will indicate short term topping, and turn bias back to the downside for 55 day EMA (now at 1.2582).

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.

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) 1.3172; (P) 1.3219; (R1) 1.3242; More…

USD/CAD’s fall form 1.3897 continues today and intraday bias stays on the downside. Current decline should target 1.3091 support and possibly below. On the upside, above 1.3284 minor resistance will turn intraday bias neutral and bring consolidations. But another fall will remain in favor as long as 1.3479 support turned resistance holds.

In the bigger picture, outlook is mixed up by deeper then expected fall from 1.3897. But after all, price actions from 1.3976 (2022 high) are viewed as a corrective pattern that’s in progress. Larger up trend from 1.2005 (2021 low) is still expected to resume at a later stage as long as 1.2947 resistance turned support holds.

Daily Pivots: (S1) 1.3092; (P) 1.3121; (R1) 1.3163; More…

With 1.2969 support intact, near term outlook in USD/CAD stays cautiously bullish. The choppy decline from 1.2285 should have completed 1.2781 already. Rise from 1.2781 should target 1.3225 resistance to confirm this bullish case, and pave the way to 1.3385 next. However, break of 1.2969 will mix up the outlook again and turn bias back to the downside.

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) 1.3132; (P) 1.3189; (R1) 1.3221; More….

USD/CAD’s decline resumed after brief recovery and intraday bias is back on the downside. Current fall from 1.3976 should target 100% projection of 1.3860 to 1.3299 from 1.3653 at 1.3092. Decisive break there will target 161.8% projection at 1.2745. On the upside, however, break of 1.3268 resistance should now indicate short term bottoming, and turn bias back to the upside for rebound.

In the bigger picture, price actions from 1.3976 are still viewed as a correction to up trend from 1.2005 (2021 low), but chance of trend reversal is increasing with current decline. But in either case, sustained trading below 38.2% retracement of 1.2005 to 1.3976 at 1.3233 will pave the way to 61.8% retracement at 1.2758. Risk will stay on the downside as long as 1.3653 resistance holds, even in case of strong rebound.

Daily Pivots: (S1) 1.2599; (P) 1.2631; (R1) 1.2676; More…

Intraday bias in USD/CAD remains on the upside at this point. Rise from 1.2286 should target a test on 1.2894/2947 resistance zone. On the downside, break of 1.2491 support is needed to indicate completion of the rise. 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.

USD/CAD edged lower to 1.2688 last week but turned into sideway consolidation since then. Initial bias remains neutral this week for some more sideway trading first. Still, outlook remains bearish as long as 1.2928 support turned resistance holds. Break of 1.2688 will resume larger down trend from 1.4677. Next near term target is 161.8% projection of 1.3389 to 1.2928 from 1.3172 at 1.2426.

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.

USD/CAD retreated notably after hitting 1.3715 last week and initial bias stays neutral this week first. 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.

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) 1.3881; (P) 1.3925; (R1) 1.3984; More….

Intraday bias in USD/CAD is mildly on the downside after break of 1.3900 minor support. Corrective pattern from 1.4667 is extending and deeper fall could be seen to 1.3850 and below. But still, 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 1.4140 resistance will indicate completion of the correction. Intraday bias will be turned back to the upside for retesting 1.4667. However, sustained break of 1.3762 will bring deeper fall to 1.3664 key support 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. 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) 1.3248; (P) 1.3260; (R1) 1.3278; More….

Intraday bias in USD/CAD remains mildly on the downside. Corrective fall from 1.3329 short term top could target 55 day EMA (now at 1.3183). But downside should be contained above 1.3104 resistance turned support to bring another rally. On the upside, sustained break of 1.3327 should confirm completion of consolidation pattern from 1.3664. Further rise should be seen to retest 1.3664 high.

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) 1.2997; (P) 1.3054; (R1) 1.3163; More…..

USD/CAD surges to as high as 1.3140 so far today and breaches 1.3124 key resistance. The development suggests resumption of whole rebound from 1.2061. Intraday bias is now on the upside for 100% projection of 1.2246 to 1.3124 from 1.2526 at 1.3404 next. On the downside, break of 1.2948 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, the current development affirms our bullish view. That is, firstly, rebound from 1.2061 is not finished yet. Secondly, the medium term decline from 1.4689 (2016 high) has completed and the trend is reversing. Sustained trading above 38.2% retracement of 1.4689 to 1.2061 at 1.3065 will confirm our view and target 61.8% retracement at 1.3685 and above. 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) 1.3081; (P) 1.3115; (R1) 1.3145; More…

A temporary low is formed at 1.3068 and intraday bias in USD/CAD is turned neutral first. We’d stay cautious on bottoming as USD/CAD is close to channel support (now at 1.3056). On the upside break of 1.3165 will turn bias to the upside for rebounding towards 1.3375 resistance. However, sustained break of the channel support will pave the way to 100% projection of 1.3664 to 1.3180 from 1.3375 at 1.2891.

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 1.3049) 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) 1.3042; (P) 1.3088; (R1) 1.3148; More…

Intraday bias in USD/CAD remains on the upside at this point. The choppy decline from 1.3385 could have completed at 1.2781 already. Firm break of 1.3225 should confirm this bullish case and target 1.3385 high next. On the downside, below 1.3027 minor support will turn intraday bias neutral first. But as long as 1.2916 support holds, further rally will remain mildly in favor in case of retreat.

In the bigger picture, current development argues that choppy corrective fall from 1.3385 has completed at 1.2781 already. And that in turns suggests that the up trend from 1.2061 is still in progress. Decisive break of 1.3385 will pave the way to 61.8% retracement of 1.4689 to 1.2061 at 1.3685. On the downside, though, break of 1.2916 support will likely extend the fall from 1.3385 to 61.8% retracement of 1.2061 to 1.3385 at 1.2567 before completion.

Daily Pivots: (S1) 1.2539; (P) 1.2585; (R1) 1.2623; More…

No change in USD/CAD’s outlook as fall from 1.2891 is in progress. Such decline is seen as the third leg of the pattern from 1.2947, and should target 1.2492 support and possibly below. But overall, with 1.2421 support intact, rise from 1.2005 should still be in progress for another rise through 1.2947 at a later stage. Break of 1.2773 resistance will 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) 1.3050; (P) 1.3082; (R1) 1.3117; More….

Intraday bias in USD/CAD stays neutral and outlook is unchanged. Above 1.3172 will extend the rebound from 1.2928. But near term outlook will remain bearish as long as 1.3389 resistance holds. On the downside, break of 1.3034 minor support will bring retest of 1.2928 temporary low. Firm break there will resume larger down trend from 1.4667.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Rejection by 55 week EMA is keeping outlook bearish. Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, firm break of 1.3389 resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.

Daily Pivots: (S1) 1.2560; (P) 1.2609; (R1) 1.2676; More….

As noted before, a short term bottom should be in place at 1.2526. Intraday bias stays mildly on the upside for recovering to 38.2% retracement of 1.2942 to 1.2526 at 1.2685, or even further to 55 day EMA (now at 1.2730). But upside should be limited well below 1.2814 support turned resistance and bring fall resumption. We’d expect decline from 1.3124 to extend later to 1.2061/2246 support zone.

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.