Daily Pivots: (S1) 1.2800; (P) 1.2849; (R1) 1.2875; More….

Intraday bias in USD/CAD remains neutral for consolidation below 1.2899 temporary top. Downside of retreat should be contained by 1.2748 minor support to bring another rise. Above 1.2899 will target 1.3124 resistance next. On the downside, however, firm 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) 1.4005; (P) 1.4073; (R1) 1.4112; More….

USD/CAD’s rebound lost momentum ahead of 1.4173 and intraday bias stays neutral. Outlook is unchanged that correction from 1.4667 might extend. In case of another fall, downside should be contained 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound. On the upside, break of 1.4173 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.

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.

USD/CAD’s rebound attempt failed after hitting 1.4265 last week. The development argues that corrective pattern from 1.4667 is still extending. But 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. On the upside, break of 1.4265 will turn bias back to the upside for retesting 1.4667 high.

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.

In the longer term picture, up trend from 0.9506 is (2007 low) is in progress. Decisive break of 1.4689 will target 61.8% projection of 0.9406 to 1.4689 from 1.2951 at 1.6216. That is close to 1.6196 (2002 high).

Daily Pivots: (S1) 1.2526; (P) 1.2552; (R1) 1.2577; More….

USD/CAD’s decline from 1.3124 resumed and dipped to 1.2526. But downside momentum is weak and there is no follow through selling yet. Nonetheless, intraday bias will now stay on the downside. Further fall would be seen to 1.2061/2246 support zone. However, break of 1.2622 minor resistance will indicate short term bottoming. And lengthier consolidation would be seen before another fall.

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.

Daily Pivots: (S1) 1.2685; (P) 1.2738; (R1) 1.2768; More….

Intraday bias in USD/CAD is turned neutral as it retreated after hitting 1.2834. On the upside, above 1.2834 will extend the corrective rise to 1.2957 resistance. Though, decisive break of 1.2629 will confirm resumption of whole 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). 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) 1.2924; (P) 1.2996; (R1) 1.3039; More…

USD/CAD’s fall from 1.3385 resumed by taking out 1.2961 support. More importantly, the break of medium term channel support how carries some bearish implication. Intraday bias is back on the downside for 1.2879 fibonacci level first. Sustained break there will add to the case of medium term reversal and target next fibonacci level at 1.2567. On the upside, break of 1.3102 resistance is needed to indicate short term bottoming. Otherwise, outlook will now stay bearish in case of recovery.

In the bigger picture, the break of channel support (now at 1.2988), argues that rise from 1.2246, as well as that from 1.2061, has completed at 1.3385. Focus is back on 38.2% retracement of 1.2061 to 1.3385 at 1.2879. Decisive break there will affirm the case of medium term reversal and target 61.8% retracement at 1.2567 and below. That will also put key long term support at 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048 into focus. On the upside, break of 1.3385 will revive the bullish case and target 61.8% retracement of 1.4689 to 1.2061 at 1.3685 and above.

USD/CAD spiral lower last week with diminishing downside momentum, as seen in 4 hour MACD. While further decline might be seen initially this week, we’d expect strong support from 1.3016 to contain downside and bring rebound. ON the upside, break of 1.3122 minor resistance will turn bias back to the upside for 55 day EMA (now at 1.3217). However, decisive break of 1.3016 will carry larger bearish implications and target 1.2781 support next.

In the bigger picture, 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 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) 1.3695; (P) 1.3841; (R1) 1.3923; More….

At this point, we’d still expect strong support from 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound in USD/CAD. On the upside, break of 1.3866 minor resistance will turn bias back to the upside for 1.4048 resistance. However, sustained break of 1.3762 will suggest deeper decline is underway fro 61.8% projection of 1.4667 to 1.3855 from 1.4048 at 1.3546 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. However, rejection by 1.4689, followed by 1.3664 support will suggest that rise from 1.2061 is merely part of the corrective pattern from 1.4689 and has completed. The pattern would have started another falling leg to 1.2951 support and possibly further to 1.2061.

Daily Pivots: (S1) 1.3246; (P) 1.3311; (R1) 1.3345; More…

Intraday bias in USD/CAD stays on the downside for the moment. Current fall from 1.3897 is in progress and would targets a retest on 1.3091 support. On the upside, above 1.3369 minor resistance will turn intraday bias neutral first. But outlook will stay bearish as long as 1.3479 support turned resistance holds, in case of recovery.

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) 1.2568; (P) 1.2593; (R1) 1.2634; More….

Intraday bias in USD/CAD remains neutral for consolidation above 1.2544 temporary low. Stronger recovery could be seen to 4 hour 55 EMA (now at 1.2684). But upside should be limited well below 1.2814 support turn resistance to bring decline resumption. On the downside, break of 1.2544 will 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.

Daily Pivots: (S1) 1.3362; (P) 1.3403; (R1) 1.3463; More…

USD/CAD rises to as high as 1.3456 so far and focus is now on 1.3467 resistance. Decisive break there will resume whole rise from 1.3068. In that case, further rally would be seen back to retest 1.3664 high and then 1.3685 key fibonacci level. Rejection by 1.3467 will bring another fall to extend the consolidation from there. But downside should be contained by 1.3250 support in that case.

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) 1.2849; (P) 1.2889; (R1) 1.2954; More…

Intraday bias in USD/CAD stays neutral at this point. On the downside, break of 1.2818 support will bring deeper fall back to 1.2516 key support. On the upside, above 1.2988 minor resistance will reinforce near term bullishness, and turn bias back to the upside for retesting 1.3222 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.

Daily Pivots: (S1) 1.4384; (P) 1.4527; (R1) 1.4632; More….

A temporary top is formed at 1.4667 in USD/CAD, ahead of 1.4689 key resistance, with the current retreat. Intraday bias is turned neutral first. Further rise is expected as long as 1.4166 support holds. Break of 1.4689 will confirm resumption of larger up trend. Nevertheless, break of 1.4166 will indicate short term topping and turn outlook neutral for lengthier consolidations.

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. 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.

Daily Pivots: (S1) 1.3157; (P) 1.3182; (R1) 1.3206; More…

USD/CAD is losing some upside momentum as seen in 4 hour MACD. But with 1.3134 minor support intact, intraday bias stays on the upside for further rise. As noted before, the corrective pull back from 1.3385 should have completed at 1.2886 already, just ahead of 1.2879 key fibonacci level. Further rise should be seen to retest 1.3385 first. Break will resume the whole up trend form 1.2061 and target next key resistance level at 1.3685. On the downside, below 1.3134 minor support will bring more consolidation first, before staging another rally.

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) 1.2838; (P) 1.2917; (R1) 1.2971; More…

Intraday bias in USD/CAD is turned neutral first. Further rise will remain mildly on favor as long as 1.2516 support holds. Above 1.2995 will target 1.3075 resistance. Firm break there will resume medium term rally and sustained trading above 1.3022 fibonacci level will carry larger bullish implications. Next target is 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343.

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.

Daily Pivots: (S1) 1.2794; (P) 1.2885; (R1) 1.2944; More….

USD/CAD’s sharp fall and break of 1.2802 indicates that rise from 1.2526 has completed at 1.2996 on bearish divergence condition in 4 hour MACD. Intraday bias is turned back to the downside for deeper retreat first. As long as 1.2526 support holds, we’d still favor the bullish case that rebound from 1.2061 hasn’t completed. Above 1.2859 minor resistance will turn bias back to the upside for 1.2996 first. However, firm break of 1.2526 will resume the fall from 1.3124 to 1.2246 support and likely below.

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. 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) 1.3130; (P) 1.3174; (R1) 1.3238; More…

Intraday bias in USD/CAD stays neutral first. Outlook is unchanged that pull back from 1.3385 should have completed at 1.3063 already. Above 1.3216 will bring retest of 1.3385 first. Break will resume whole rally from 1.2061 for 1.3685 fibonacci level. However, firm break of 1.3067 resistance turned support will bring deeper fall to channel support (now at 1.2870).

In the bigger picture, as long as channel support (now at 1.2870) 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.

USD/CAD stays in consolidation below 1.2795 last week and outlook is unchanged. Initial bias stays neutral this week and further rally is in favor. On the upside, break of 1.2795 will resume the rally from 1.2448 to 1.2963 resistance next. However, break of 1.2634 support 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.