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.

Daily Pivots: (S1) 1.4055; (P) 1.4119; (R1) 1.4238; More….

Further rise remains mildly in favor in USD/CAD. Corrective pull back from 1.4667 could have completed at 1.3920 already. Retest of 1.4667/89 resistance zone should be seen mixed. On the downside, in case of another fall, downside should be contained by 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound.

In the bigger picture, rise from 1.2061 is likely resuming whole up trend from 0.9056 (2007 low). Decisive break of 1.4689 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) 1.3744; (P) 1.3769; (R1) 1.3814; More…

USD/CAD’s rally is still in progress and intraday bias stays on the upside. Current rally from 1.3176 would target 100% projection of 1.3176 to 1.3540 from 1.3477 at 1.3841. On the downside, below 1.3724 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) 1.3135; (P) 1.3166; (R1) 1.3219; More…

USD/CAD recovered strongly after hitting 1.3112 and intraday bias is turned neutral again. On the upside, break of 1.3242 support will turn bias back to the upside for 1.3340 resistance first. Break will complete head and should bottom pattern (ls: 1.3180, h: 1.3068, rs: 1.3112). In that case, further rise should be seen back to 1.3664 resistance. On the downside, decisive break of 1.3068 low will firstly resume whole fall from 1.3664. Secondly, it will be a strong sign of medium term bearish reversal.

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 1.3099) 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.

USD/CAD edged higher to 1.3382 last week but reversed from there. The development suggests that choppy rise from 1.3016 has completed already. Initial bias is now on the downside this week for retesting 1.3016 low. On the upside, above 1.3247 minor resistance will turn focus back to 1.3382 resistance 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.

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.

USD/CAD’s strong break of 1.3386 resistance last week affirms the case that correction from 1.3976 has completed with three waves down to 1.3091. But as a temporary top was formed, initial bias remains neutral for consolidations first. Downside of retreat should be contained by 1.3318 to bring rebound. Break of 1.3501 will resume the rise from 1.3091 to 1.3653 resistance next. Break there will further confirm this case and target 1.3976 high.

In the bigger picture, price actions from 1.3976 are viewed as a corrective fall only. Upon completion, rise from 1.2005 (2021 low) would resume through 1.3976 towards 1.4667/89 long term resistance zone. In case of another fall, downside should be contained by 61.8% retracement of 1.2005 to 1.3976 at 1.2758.

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 1.3044) holds.

Daily Pivots: (S1) 1.3329; (P) 1.3366; (R1) 1.3387; More…

USD/CAD drops sharply to as low as 1.3274 but stays above 1.3250 support. Outlook is unchanged and intraday bias remains neutral. Consolidation from 1.3467 is in progress and could extend, but upside breakout is expected sooner or later. On the upside, firm break of 1.3467 will confirm this bullish case and target 1.3664 resistance next. However, decisive break of 1.3250 will turn bias back to the downside for 1.3068/3112 support zone instead.

In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3212). Thus, even though upside momentum and structure are unconvincing, further rise is still in favor. Decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 will pave the way to retest 1.4689 (2015 high). However, firm break of the channel support should indicate bearish reversal, after rejection by 1.3793, and bring deeper fall to 1.3068 support for confirmation.

Daily Pivots: (S1) 1.3595; (P) 1.3620; (R1) 1.3643; More….

Range trading continues in USD/CAD and outlook is unchanged. Intraday bias remains neutral and further rise mildly in favor with 1.3490 support intact. On the upside, break of 1.3715 will resume the rebound from 1.3315 to 38.2% retracement of 1.4667 to 1.3315 at 1.3831. On the downside, however, break of 1.3490 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.

Daily Pivots: (S1) 1.2720; (P) 1.2751; (R1) 1.2768; More….

USD/CAD’s pull back from 1.2880 extends lower but it’s staying above 1.2684 minor support. Intraday bias remains neutral first and another rise could still be seen. on the upside, break of 1.2880 will resume the rebound form 1.2588 short term bottom to 1.2994 support turned resistance. However, break of 1.2684 minor support will argue that the rebound has completed and bring retest of 1.2588 low.

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) 1.3398; (P) 1.3409; (R1) 1.3425; More…

Intraday bias in USD/CAD remains mildly on the upside for the moment. Current rebound from 1.3239 could target 1.3564 resistance first. Break will target 1.3664 high. On the downside, below 1.3328 minor support will turn intraday bias back to the downside for 1.3239 support instead.

In the bigger picture, outlook is turned mixed after USD/CAD drew strong support from 55 week EMA (now at 1.3232) and rebounded. Nevertheless, 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), towards 1.4689. Otherwise, medium term outlook will stay neutral first. Break of 1.3239 will revive the case of medium term topping at 1.3664. And, decisive break of 1.3068 cluster support (38.2% retracement of 1.2061 to 1.3664 at 1.3052) will confirm and pave the way to 61.8% retracement at 1.2673 next.

Daily Pivots: (S1) 1.3147; (P) 1.3174; (R1) 1.3214; More….

Intraday bias in USD/CAD remains neutral for the moment. Further rise remains mildly in favor with 1.3086 minor support intact. On the upside, break of 1.3259 will target 38.2% retracement of 1.4667 to 1.2994 at 1.3633, to correct the whole fall from 1.4667. Nevertheless, on the downside, break of 1.3086 will bring retest of 1.2994 low.

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, though, break of 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

USD/CAD stayed in consolidation below 1.3310 last week. Initial bias remains neural this week first. Further rise will remain mildly in favor as long as 1.3209 minor support holds. On the upside, above 1.3310 will target 1.3382 resistance first. Break will resume the whole rise from 1.3016 and target 1.3564 resistance next. However, break of 1.3209 will dampen our bullish view and turn bias back to the downside for 1.3016 low.

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.

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) 1.3445; (P) 1.3472; (R1) 1.3488; More…

Intraday bias in USD/CAD remains neutral for the moment as sideway trading continues. On the upside, break of 1.3540 will resume the rise from 1.3176. That will also revive that case that whole fall from 1.3897 has completed, and target this resistance. Nevertheless, firm break of 1.3357 support will argue that rebound from 1.3176 has completed, and target this low for resuming whole fall from 1.3897.

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. Overall, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 at a later stage.

Daily Pivots: (S1) 1.4373; (P) 1.4452; (R1) 1.4530; More….

USD/CAD drops mildly today as consolidation from 1.4667 is extending. Deeper pull back could be seen. But downside should be contained well above 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound. On the upside, sustained break of 1.4689 will confirm larger up trend resumption.

In the bigger picture, rise from 1.2061 is likely resuming whole up trend from 0.9056 (2007 low). Decisive break of 1.4689 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 form 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.

USD/CAD recovered to 1.3375 last week but was rejected by 38.2% retracement of 1.3664 to 1.3180 at 1.3365. Subsequent decline suggests that fall from 1.3664 is resuming. Initial bias is now on the downside this week for 1.3180 support first. Break will confirm this case and target 61.8% projection of 1.3664 to 1.3180 from 1.3375 at 1.3076 next. In case of recovery, risk will remains on the downside 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).

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) at 1.2048. The development keeps long term up trend from 0.9406 and that from 0.9056 (2007 low) intact. For now, there is prospect of extending the long term up trend through 1.4689.

Daily Pivots: (S1) 1.3779; (P) 1.3805; (R1) 1.3834; More…

Break of 1.3745 minor support suggests that USD/CAD’s rebound from 1.3627 has completed at 1.3853 already. Intraday bias is back on the downside for 1.3627 support and possibly below, to extend the corrective pattern from 1.3897. 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 1.3853 will bring retest of 1.3897 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). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. This will remain the favored case as long as 1.3378 support holds.

USD/CAD edged higher to 1.3046 last week but quickly dipped back to established range. Initial bias remains neutral this week first. For now, 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.

In the longer term picture, 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048 remains a key support level to watch. As long as this level holds, we’ll treat fall from 1.4689 as a correction and expect another rally through this level. However, sustained break of 1.2048 will turn favors to the case that rise from 0.9056 (2007 low) is a three wave corrective move that’s completed at 1.4689. And retest of 0.9056/9406 support zone could be seen in medium to long term.

Daily Pivots: (S1) 1.3270; (P) 1.3286; (R1) 1.3317; More…

Intraday bias in USD/CAD remains neutral for consolidation below 1.3327 temporary top. Downside of retreat should be contained by 1.3190 support to bring another rally. On the upside, break of 1.3327 will target 1.3347/82 resistance zone. Firm break there will suggest completion of consolidation from 1.3664. However, break of 1.3190 will indicate completion of the rebound and turn bias back to the downside for 1.3042 support.

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.