Daily Pivots: (S1) 1.3125; (P) 1.3170; (R1) 1.3234; More…

USD/CAD’s rebound from 1.3016 resumed after brief consolidation and broke 1.3199 resistance. Intraday bias is back on the upside for 1.3564/3664 resistance zone. On the downside, break of 1.3105 will turn bias back to the downside for retesting 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) 1.2078; (P) 1.2102; (R1) 1.2125; More…

Intraday bias in USD/CAD is turned neutral with current recovery. We’d 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 stronger rebound. 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). 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. 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) 1.2847; (P) 1.2872; (R1) 1.2907; More….

USD/CAD’s rise from 1.2526 resumed by breaking 1.2913 and reached as high as 1.2984 so far. Intraday bias is back on the upside for retesting 1.3124 resistance next. On the downside, break of 1.2802 support is now needed to indicate near term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, current development suggests 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.

Daily Pivots: (S1) 1.2632; (P) 1.2678; (R1) 1.2726; More….

Intraday bias in USD/CAD remains on the downside at this point. Current down trend from 1.4667 should target 100% projection of 1.3172 to 1.2688 from 1.2957 at 1.2473 next. On the upside, above 1.2797 minor resistance will turn intraday bias neutral again. But outlook will remain bearish as long as 1.2957 resistance holds.

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) 1.2602; (P) 1.2637; (R1) 1.2664; More…

Intraday bias in USD/CAD remains mildly on the downside. Fall from 1.2891 is seen as the third leg of the pattern from 1.2947. Deeper decline would be seen to 1.2492 support and possibly below. On the upside, above 1.2729 minor resistance will turn bias back to the upside for 1.2891/2947 resistance zone instead. Overall, with 1.2421 support intact, rise from 1.2005 should still be in progress for another rally through 1.2947 at a later stage.

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) 1.3648; (P) 1.3671; (R1) 1.3711; More….

Intraday bias in USD/CAD is turned neutral with today’s retreat, and some consolidations could be seen below 1.3693. But the favored case is still that correction from 1.3976 has completed at 1.3091. Further rally is expected as long as 1.3488 support holds. Above 1.3693 will resume the rally from 1.3091 to 1.3860 resistance, and then 1.3976 high.

In the bigger picture, price actions from 1.3976 are viewed as a corrective pattern only. Upon completion, rise from 1.2005 (2021 low) would resume through 1.3976. Next target is 61.8% projection of 1.2005 to 1.3976 from 1.3091 at 1.4309. For now, this will remain the favored case as long as 55 D EMA (now at 1.3436) holds.

Daily Pivots: (S1) 1.2544; (P) 1.2584; (R1) 1.2603; More….

USD/CAD is staying in consolidation above 1.2544 temporary low. Intraday bias remains neutral first. In case of another recovery, upside should be limited by 1.2730 minor resistance to bring another fall. On the downside, break of 1.2544 will extend the decline from 1.3124 and target 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.

USD/CAD dipped to 1.3501 last week but rebounded. Initial bias is neutral this week first. On the upside, firm break of 1.3832 will resume larger up trend. Next target is 161.8% projection of 1.2005 to 1.2947 from 1.2401 at 1.3925. In case of another fall, downside should be contained by 38.2% retracement of 1.2952 to 1.3832 at 1.3496 to bring rebound.

In the bigger picture, up trend from 1.2005 (2021 low) is still in progress. Based on current impulsive momentum, it could be resuming long term up trend from 0.9056 (2007 low). Whether it is or it isn’t, retest of 1.4689 (2016 high) should be seen next. This will now remain the favored case as long as 1.3222 resistance turned support 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 long as 1.2061 support holds, which is close to 50% retracement of 0.9406 to 1.4689 at 1.2048.

Daily Pivots: (S1) 1.2633; (P) 1.2668; (R1) 1.2726; More….

A temporary low was formed at 1.2608 in USD/CAD, just ahead of 1.588 low. Intraday bias is turned neutral first. Further fall is in favor with 1.2762 minor resistance intact. Firm break of 1.2588 will resume larger down from 1.4667, to 61.8% projection of 1.3389 to 1.2588 from 1.2880 at 1.2385. On the upside, though, break of 1.2762 will extend the consolidation pattern from 1.2588 with another rise, towards 1.2880 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.

USD/CAD’ recovery from 1.2928 could have completed at 1.3172 last week. Initial bias stays mildly on the downside this week for 1.2928 low first. Break there will confirm resumption of whole down trend from 1.4667. Next near term target will be 61.8% projection of 1.3389 to 1.2928 from 1.3172 at 1.2887, and then 100% projection at 1.2711. On the upside, above 1.3034 minor resistance will delay the bearish case, and extend the consolidation from 1.2928 with another rising leg first.

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) 1.2693; (P) 1.2734; (R1) 1.2798; More…

Intraday bias in USD/CAD is turned back to the upside with break of 1.2729. Further rise would be seen back to 1.2891 resistance first. On the downside, break of 1.2592 support will extend the fall from 1.2891, as the third leg of the pattern from 1.2947, to 1.2492 and possibly below. Overall, with 1.2421 support intact, rise from 1.2005 should still be in progress for another rally through 1.2947 at a later stage.

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) 1.2618; (P) 1.2643; (R1) 1.2676; More…

Immediate focus stays on 1.2639 support in USD/CAD. Firm break there will argue that rebound from 1.2286 might be finished at 1.2852. Deeper fall would be seen back to 1.2286 support. Nevertheless, rebound from the current level and break of 1.2742 minor resistance will retain near term bullishness and bring retest of 1.2852.

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) 1.3296; (P) 1.3328; (R1) 1.3351; More…

USD/CAD is bounded in range of 1.3250/3467 and intraday bias remains neutral first. On the downside, firm break of 1.3250 support will indicate completion of whole rebound from 1.3068. In that case, deeper fall would be seen back to 1.3068/3112 support zone. 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.

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) 1.3378; (P) 1.3409; (R1) 1.3426; More…

USD/CAD is staying in consolidation from 1.3467 temporary top and intraday bias remains neutral. In case of deeper retreat, downside should be contained by 1.3301 support to bring another rally. Corrective fall from 1.3664 has completed at 1.3068 already. Break of 1.3467 will target 1.3664 resistance then 1.3685 fibonacci level.

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 1.3139) 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) 1.2506; (P) 1.2544; (R1) 1.2593; More…

Intraday bias in USD/CAD remains neutral for consolidation above 1.2421 temporary low. Further decline is expected with 1.2605 resistance intact. Below 1.2421 will resume the fall from 1.2805 to 1.2301 cluster support (61.8% retracement of 1.2005 to 1.2805 at 1.2311). On the upside, break of 1.2605 will turn bias back to the upside for retesting 1.2805 high instead.

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.

USD/CAD edged higher to 1.3385 last week but formed a short term top there and retreated Initial bias is now on the downside this week for deeper fall pull to 1.3067 resistance turned support. For now, we’d expect downside to be contained there to bring rebound. However, firm break there will bring deeper decline to channel support (now at 1.2825). On the upside, above 1.3258 minor resistance will bring retest of 1.3385.

In the bigger picture, as long as channel support (now at 1.2825) holds, we’ll 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.

In the longer term picture, corrective fall from 1.4689 (2015 high) should have completed with three waves down to 1.2061, just ahead of 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high). The development keeps long term up trend from 0.9406) and that from 0.9056 (2007 low) intact. It’s early to tell, but there is now prospect of extending the long term up trend to 61.8% projection of 0.9406 to 1.4689 from 1.2061 at 1.5326 in medium to long term.

USD/CAD’s rise from 1.2286 continued last week and outlook is unchanged. Fall from 1.2947 should have completed with three waves to 1.2286. Initial bias stays on the upside this week for retesting 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.

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, rejection by 55 month EMA, follow by 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) 1.3183; (P) 1.3212; (R1) 1.3227; More…

Intraday bias in USD/CAD remains neutral for brief consolidation above 1.3171 temporary low. Further decline is expected with 1.3268 minor resistance intact. Overall outlook is unchanged that corrective fall from 1.3382 is in the third leg and further decline is expected. On the downside, below 1.3171 will target 1.3133 and then 100% projection of 1.3382 to 1.3133 from 1.3347 at 1.3098 next. On the upside, above 1.3268 minor resistance will turn bias back to the upside for 1.3347/82 resistance zone instead.

In the bigger picture, key cluster support of 1.3068 (38.2% retracement of 1.2061 to 1.3664 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 1.3052/68 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) 1.3346; (P) 1.3392; (R1) 1.3426; More….

A temporary low should be formed at 1.3356 in USD/CAD with today’s recovery. Intraday bias is turned neutral first. Another fall will remain in favor as long as 1.3572 minor resistance holds. On the downside, break of 1.3356 will extend the decline from 1.4667 to 100% projection of 1.4667 to 1.3855 from 1.4048 at 1.3236 next. However, firm break of 1.3572 will indicate short term bottoming. Stronger rebound would then be seen back to 1.3866 support turned resistance.

In the bigger picture, the strong break of 1.3664 resistance turned support, as well as the 55 week EMA (now at 1.3495), suggests that whole rise from 1.2061 (2017 low) has 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.

USD/CAD turned into sideway consolidation last week, but retreat was contained well above 4 hour 55 EMA and 55 day EMA. Initial bias remains neutral first and further rise is in favor. Break of 1.2795 will resume the rally from 1.2448 to 1.2963 resistance next. However, break of 1.2648 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.

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.