Daily Pivots: (S1) 1.2630; (P) 1.2664; (R1) 1.2727; More…

Intraday bias in USD/CAD remains neutral for the moment. Rise from 1.2005 is in progress with 1.2421 support intact. On the upside, break of 1.2760 will target a test on 1.2947 high. However, break of 1.2492 will resume the fall from 1.2947 to 1.2421 key structural support.

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) 1.3086; (P) 1.3185; (R1) 1.3253; More…

USD/CAD’s fall from 1.3664 resumed by taking out 1.3180 and reaches as low as 1.3118 so far. Intraday bias is back on the downside for 61.8% projection of 1.3664 to 1.3180 from 1.3375 at 1.3076 next. Break will target 100% projection at 1.2891. On the upside, break of 1.3203 minor resistance will turn intraday bias neutral and bring consolidation. But further decline is expected as long as 1.3375 resistance holds.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) is not clearly impulsive so far. 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 1.3036) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high)..

Daily Pivots: (S1) 1.3239; (P) 1.3262; (R1) 1.3289; More…

Intraday bias in USD/CAD remains neutral as consolidation from 1.3180 is in progress. With 1.3323 minor resistance intact, further decline is expected. On the downside, break of 1.3180 will resume the fall from 1.3664 to 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start look for bottoming sign below there. On the upside, above 1.3323 will suggest short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.3036) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

Daily Pivots: (S1) 1.2898; (P) 1.2934; (R1) 1.2968; More…..

USD/CAD is staying in range of 1.2817/3046 and intraday bias remains neutral first. As long as 1.2728 support holds, we’ll stay slightly bullish in the pair and expect further rally. Above 1.3046 will resume the rise from 1.2526 and target 1.3124 high next. Nonetheless, break of 1.2728 will indicate completion of the rebound from 1.252. And in that case, deeper fall would be seen back to 1.2526 and below.

In the bigger picture, we’re favoring the case that that rebound from 1.2061 has not completed yet. But there is no follow through upside momentum so far. Focus remains 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) 1.2347; (P) 1.2374; (R1) 1.2409; More…

USD/CAD is staying in consolidation from 1.2286 temporary low and intraday bias remains neutral first. Upside of recovery should be limited by 1.2497 resistance to bring fall resumption. On the downside, break of 1.2286 will resume the fall from 1.2947 to 161.8% projection of 1.2947 to 1.2492 from 1.2894 at 1.2158 next.

In the bigger picture, the rejection by 38.2% retracement of 1.4667 to 1.2005 at 1.3022 argues that rebound from 1.2005 is merely a corrective rise, which is complete. More importantly, the down trend from 1.4667 (2020 high) is not over yet. Sustained break of 1.2005 will extend the down trend to next long term fibonacci level at 61.8% retracement of 0.9406 to 1.4689 at 1.1424. In any case, outlook will not turn bullish as long as 1.2947 resistance holds.

Daily Pivots: (S1) 1.2618; (P) 1.2647; (R1) 1.2687; More…

USD/CAD is losing some downside momentum as seen in 4 hour MACD. But further decline is still expected with 1.2763 minor resistance intact. Firm break of 1.2401 support will argue that whole rebound from 1.2005 has completed. Deeper fall would then be seen to retest this low. However, break of 1.2763 will turn bias back to the upside for stronger rebound.

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) 1.2673; (P) 1.2718; (R1) 1.2806; More….

Intraday bias in USD/CAD remains on the upside for further rebound. However, we’re holding on to the view that rebound from 1.2061 has completed with three waves up to 1.3124. Hence, we’d expect strong resistance below 1.2814 support turned resistance to limit upside and bring another fall. On the downside, below 1.2658 minor support will turn bias back to the downside for 1.2526. However, firm break of 1.2814 will invalidate our view and bring stronger rally to retest 1.3124 instead.

In the bigger picture, for now, we’re slightly favoring the view that rise from 1.2061 is a corrective three wave pattern that’s completed at 1.3124, after hitting 38.2% retracement of 1.4689 to 1.2061 at 1.3065. And, fall from 1.3124 is resuming larger down trend from 1.4689 (2015 high). However, break of 1.3124 will revive the case of bullish reversal. That is, the down trend from 1.4689 has completed at 1.2061 already.

Daily Pivots: (S1) 1.3135; (P) 1.3183; (R1) 1.3215; More….

Intraday bias in USD/CAD stays on the downside for the moment. Fall from .4667 should target long term fibonacci level at 1.3056. On the upside, break of 1.3271 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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) 1.3062; (P) 1.3090; (R1) 1.3132; More…

Intraday bias in USD/CAD remains neutral at this point. On the upside, break of 1.3170 target 1.3225 key near term resistance. Break will confirm completion of choppy fall from 1.3385 and target a retest on this high. Though, break of 1.3048 will turn focus to 1.2969 support. Firm break there will indicate completion of whole rebound from 1.2781. In that case, whole fall from 1.3385 might extend through 1.2781 support before completion.

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) 1.2994; (P) 1.3019; (R1) 1.3062; More….

USD/CAD’s corrective recovery from 1.2951 extends higher but outlook in unchanged. 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) 1.2827; (P) 1.2857; (R1) 1.2912; More….

Intraday bias in USD/CAD remains neutral for consolidation below 1.2913 temporary top. As long as 1.2748 minor support holds, further rally is expected. Break of 1.2913 will turn bias back to the upside for 1.3124 high. However, break of 1.2748 will turn focus back to 1.2526 support instead.

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) 1.3668; (P) 1.3702; (R1) 1.3743; More….

Intraday bias in USD/CAD remains on the upside at this point. Current rise from 1.3091 should target 61.8% projection of 1.3091 to 1.3693 from 1.3378 at 1.3750. Firm break there will target 100% projection at 1.3980. On the downside, below 1.3654 minor support will turn intraday bias neutral first.

In the bigger picture, current development revives the case that corrective pattern from 1.3976 (2022 high) has 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). Next target will be 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. This will now remain the favored case as long as 1.3378 support holds.

Daily Pivots: (S1) 1.2478; (P) 1.2521; (R1) 1.2556; More…

USD/CAD’s fall from 1.2963 resumes by breaking 1.2452 and intraday bias is back on the downside. Current development argues that whole pattern from 1.2005 has completed with three waves to 1.2963. Below Further decline would be seen to 1.2286 support, possibly further to retest 1.2005 low. Nevertheless, on the upside, break of 1.2569 minor resistance will indicate short term bottoming and turn bias back to the upside for stronger rebound.

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) 1.2828; (P) 1.2871; (R1) 1.2924; More….

USD/CAD surges to as high as 1.2988 today and the firm break of 1.2919 resistance confirms resumption of whole medium term rise from 1.2061. Intraday bias is back on the upside for 1.3065 fibonacci level next. On the downside, below 1.2888 minor support will turn intraday bias neutral first. But outlook will now stay bullish as long as 1.2757 resistance turned support holds.

In the bigger picture, strong break of 1.2919 resistance adds much credence to the bullish case. That is larger down trend from 1.4589 has completed at 1.2061, drawing support from 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. Further rally should be seen back to 38.2% retracement of 1.4689 to 1.2061 at 1.3065 first. Break will target 61.8% retracement at 1.3685. This will be the preferred case now as long as 1.2687 support holds.

Daily Pivots: (S1) 1.2668; (P) 1.2720; (R1) 1.2752; More….

USD/CAD breached 1.2706 temporary low briefly but quickly recovered. Intraday bias remains neutral first. Outlook stays bearish with 1.2928 support turned resistance intact. Firm break of 1.2706 will confirm down trend resumption for target 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.

Daily Pivots: (S1) 1.3010; (P) 1.3046; (R1) 1.3077; More…

USD/CAD formed a temporary after hitting 1.3081 and intraday bias is turned neutral first. Further rally is expected as long as 1.2971 minor support holds. For now, 1.2879 key fibonacci level remains intact and thus, larger rise from 1.2061 is expected to resume after consolidation from 1.3385 completes. Break of 1.3081 will target 1.3225 resistance structure resistance next. On the downside, however, break of 1.2971 minor support will turn focus back on 1.2879 fibonacci level.

In the bigger picture, focus is back on 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level. As long as it holds, 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. However, sustained break of 1.2879 will dampen his bullish view and turn focus back to 61.8% retracement at 1.2567, which is close to 1.2526 support.

USD/CAD’s rebound from 1.3042 resumed last week and hit as high as 1.3237. Initial bias stays on the upside this week for 1.3347/82 resistance zone. Firm break there will suggest completion of consolidation from 1.3664. On the downside, below 1.3159 minor support will turn intraday bias neutral again first. For now, further rally would remain in favor as long as 1.3042 support holds.

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.

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) in in favor to resume through 1.4689 at a later stage.

Daily Pivots: (S1) 1.3502; (P) 1.3537; (R1) 1.3587; More….

USD/CAD dipped to 1.3485 but quickly recovered. Intraday bias remains neutral first. On the upside, break of 1.3686 will resume the rebound from 1.3315 short term bottom. Intraday bias will be turned back to the upside for 38.2% retracement of 1.4667 to 1.3315 at 1.3831. However, break of 1.3465 minor support will turn bias back to the downside for retesting 1.3315 low. Decisive break of 1.3315 will resume whole decline from 1.4667.

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.

Daily Pivots: (S1) 1.2126; (P) 1.2149; (R1) 1.2169; More…

USD/CAD is staying in corrective trading from 1.2005 and intraday bias remains neutral first. Outlook is unchanged and we’d stay cautious on strong support from 1.2048/61 to bring reversal. On the upside, firm break of 1.2201 resistance will indicate short term bottoming and turn bias to the upside for stronger rebound, to 1.2363 support turned resistance first. However, sustained break of 1.2048/61 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’d 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 1.2363 support turned 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) 1.3069; (P) 1.3099; (R1) 1.3141; More…

USD/CAD breached 1.3067 but quickly recovered. Intraday bias remains neutral first. At this point, we’d still expect strong support around 1.3067 resistance turned support to complete the correction from 1.3385 to bring rebound. On the upside, above 1.3159 minor resistance will flip bias back to the upside for retesting 1.3385. However, firm break of 1.3067 will bring deeper fall to channel support (now at 1.2825).

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. 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.