Daily Pivots: (S1) 1.2471; (P) 1.2501; (R1) 1.2531; More…

USD/CAD’s fall from 1.2899 resumes by breaking through 1.2464 temporary low. Intraday bias is back on the downside. Corrective pattern from 1.2005 could have completed already. Firm break of 1.2448 support should confirm this bearish case and bring retest of 1.2005. On the upside, nevertheless, break of 1.2591 resistance will turn bias back to the upside for 1.2899 resistance 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) 1.2065; (P) 1.2122; (R1) 1.2163; More…

Intraday bias in USD/CAD remains neutral for consolidation above 1.2044. We’d continue to stay cautious on strong support from 1.2061 long term cluster support to bring reversal. . On the upside, break of 1.2265 support turned resistance will turn bias back to the upside for 1.2363/2653 resistance zone first. However, sustained break of 1.2061 will carry larger bearish implications. Next near term target will be 161.8% projection of 1.2880 to 1.2363 from 1.2653 at 1.1816.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). We’re look for strong support from 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048 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. Also, sustained break of 1.2061 will pave the way to 61.8% retracement of 0.9406 to 1.4689 at 1.1424.

Daily Pivots: (S1) 1.3172; (P) 1.3219; (R1) 1.3244; More….

USD/CAD’s fall accelerates to as low as 1.3180 so far and intraday bias remains on the downside. Corrective rebound from 1.2994 should have completed and deeper decline would be seen to retest this low. Firm break there will resume larger down trend from 1.4667. On the upside, though, break of 1.3340 minor resistance will flip bias back to the upside to extend the corrective rebound from 1.2994 with another up leg.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). 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 1.3715 resistance will argue that this falling leg has completed and turn focus back to 1.4667/89 resistance zone.

Daily Pivots: (S1) 1.3043; (P) 1.3067; (R1) 1.3093; More…

USD/CAD’s decline resumed by breaking 1.3037 and reaches as low as 1.3022 so far. Intraday bias is back on the downside. Sustained trading below 1.3052/68 cluster support will carry larger bearish implication, and bring further fall to 1.2781 support next. On the upside, break of 1.3143 resistance is needed to indicate short term bottoming. Otherwise, near term outlook will remain bearish in case of recovery.

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) 1.2659; (P) 1.2711; (R1) 1.2745; More….

USD/CAD’s break of 1.2659 suggests resumption of fall from 1.2880. Intraday bias is back on the downside for retesting 1.2588 low. Decisive break there will resume larger down trend from 1.4667. On the upside, though, break of 1.2762 will extend the consolidation pattern from 1.2588 with another rise.

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) 1.2774; (P) 1.2804; (R1) 1.2832; More….

A temporary low is formed at 1.2772 as USD/CAD lost downside momentum. Intraday bias is turned neutral first. Upside of recovery should be limited by 1.2928 support turned resistance and bring another fall. On the downside,e break of 1.2772 will target 100% projection of 1.3389 to 1.2928 from 1.3172 at 1.2711 next. Break will target 161.8% projection 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.

Daily Pivots: (S1) 1.2992; (P) 1.3080; (R1) 1.3135; More…

USD/CAD drops to as low as 1.3023 so far as the corrective fall from 1.3385 resumes. Intraday bias is back on the downside for 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. But still, we’d expect strong support from rising channel line (now at 1.2903) to contain downside and bring rebound. On the upside, above is the first sign of bottoming and will turn bias back to the upside for 1.3289 resistance. Overall, the larger rally from 1.2061 is still expected to resume later.

In the bigger picture, as long as channel support (now at 1.2903) 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) 1.2488; (P) 1.2529; (R1) 1.2588; More…

Intraday bias in USD/CAD remains neutral for consolidation above 1.2452 temporary low. Further fall is expected as long as 1.2619 support turned resistance holds. Current development argues that whole pattern from 1.2005 has completed with three waves to 1.2963. Below 1.2452 will target 1.2286 support, and possibly further to retest 1.2005 low. Nevertheless, firm break of 1.2619 will bring stronger rebound back to 1.2812 resistance.

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. 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) 1.3652; (P) 1.3678; (R1) 1.3725; More…

Intraday bias in USD/CAD is turned neutral first with current recovery. While fall from 1.3897 might still extend further, strong support should be seen from 38.2% retracement of 1.3091 to 1.3897 at 1.3589 to bring rebound. On the upside, above 1.3759 minor resistance will bring retest of 1.3897. However, sustained break of 1.3589 will bring deeper fall to 61.8% retracement at 1.3399 instead.

In the bigger picture, corrective pattern from 1.3976 (2022 high) should have 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). This will now remain the favored case as long as 1.3378 support holds. However, firm break of 1.3378 will argue that the pattern from 1.3976 is indeed still extending.

Daily Pivots: (S1) 1.3293; (P) 1.3333; (R1) 1.3377; More…

Intraday bias in USD/CAD remains neutral first. With 1.3371 minor resistance intact, further decline is in favor. Break of 1.3289 will extend the fall from 1.3467 to 1.3068/3112 support zone. Nevertheless, on the upside, above 1.3371 will suggest that pull back from 1.3467 has completed. That will also revive the bullish case that rise from 1.3068 is still in progress. In such case, intraday bias will be turned back to 1.3467 resistance and above.

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) 1.3859; (P) 1.3910; (R1) 1.3952; More….

Outlook in USD/CAD remains unchanged as corrective pattern from 1.4667 is extending with another falling leg. Deeper decline could be seen but 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) 1.3162; (P) 1.3230; (R1) 1.3268; More…

Intraday bias in USD/CAD remains on the downside at this point. As noted before, rise from 1.3042 should have completed at 1.3327. Deeper fall would be seen back to 1.3042 low. Decisive break there will carry larger bearish implications. On the upside, above 1.3202 minor resistance will turn intraday bias neutral first. But recovery should be limited below 1.3327 and bring another fall.

In the bigger picture, 38.2% retracement of 1.2061 to 1.364 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 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) 1.2788; (P) 1.2856; (R1) 1.2905; More…..

Intraday bias in USD/CAD remains neutral as it’s bounded in range of 1.2728/2996. We’d maintain 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.

Outlook in USD/CAD remains unchanged after last week’s price actions. Down trend from 1.4667 has recently resumed and is expected with another fall through 1.2928 sooner or later. While stronger rebound might be seen, outlook will stay 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.

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.

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) 1.2745; (P) 1.2806; (R1) 1.2899; More…

Intraday bias in USD/CAD remains neutral as it rebounded after hitting 1.2712. Further rise is still in favor. Break of 1.2913 will resume recent rally to 1.3022 fibonacci level next. Decisive break there will carry larger bullish implications. On the downside, break of 1.2712 will argue that rebound from 1.2401 has completed at 1.2913, ahead of 1.2963 resistance. Intraday bias will be back on the downside for 1.2401, to extend recent sideway trading.

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) 1.2806; (P) 1.2868; (R1) 1.2904; More…

USD/CAD retreated ahead of 1.2984 resistance and intraday bias is turned neutral first. On the upside, firm break of 1.2984 will argue that corrective fall from 1.3222 has completed with three waves down to 1.2726. Further rally would be seen back to retest 1.3222 high. On the downside, break of 1.2726 will resume the fall from 1.3222 to 1.2516 key support 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 sharp decline last week suggests that corrective rebound form 1.2994 has completed at 1.3418 already. Larger fall form 1.4667 might be ready to resume. Initial bias remains on the downside this week for 1.2994 first. Break will confirm this bearish case and target 61.8% projection of 1.4667 to 1.2994 from 1.3418 at 1.2384. On the upside, though, break of 1.3242 support turned resistance will dampen this bearish case and turn bias neutral first.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). 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 1.3715 resistance will argue that this falling leg has completed and turn focus back to 1.4667/89 resistance zone.

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) 1.2977; (P) 1.3013; (R1) 1.3056; More…..

Upside momentum in USD/CAD is quite unconvincing as seen in 4 hour MACD. But with 1.2967 minor support intact, intraday bias remains on the upside. Current rise from 1.2526 should target a test on 1.3124 resistance next. Decisive break there should confirm medium term trend reversal. Nonetheless, below 1.2967 minor support will dampen the bullish case 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) 1.2946; (P) 1.3006; (R1) 1.3039; More…

USD/CAD’s pull back from 1.3225 resumed by breaking 2.1975. Intraday bias is back on the downside. For now, we’re holding on to the view that corrective fall from 1.3385 has completed at 1.2886 already. Hence, downside should be contained above 1.2886 to bring rebound. on the upside, break of 1.3063 minor resistance will turn bias back to the upside for 1.3225 first.

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.

Daily Pivots: (S1) 1.3066; (P) 1.3094; (R1) 1.3112; More…

USD/CAD’s sharp fall and break of 1.3027 minor support suggests that rise from 1.2781 has completed at 1.3132 already, after rejection by near term channel resistance. This is also supported by bearish divergence condition in 4 hour MACD. Intraday bias is turned back to the downside for 1.2916 support first. Also, current development suggests that choppy corrective decline fro 1.3385 is not completed yet. Break of 1.2916 will likely send USD/CAD through 1.2781 low. On the upside, break of 1.3132 resistance is now needed to confirm rise resumption. Otherwise, risk will remain on the downside even in case of recovery.

In the bigger picture, rejection from the channel resistance from 1.3385 suggests that such corrective fall is not completed yet. And, a new low below 1.2781 would likely be seen. Nevertheless, we’d expect strong support inside 1.2527/1.2723 zone to contain downside to resume the up trend from 1.2061. The support zone represents 50% and 61.8% retracement of 1.2061 to 1.3385. On the upside, break of 1.3132 resistance will target a test on 1.3385 high.