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.

USD/CAD’s stayed in range between 1.3313/3566 last week and outlook is unchanged. Overall, the pair is seen as extending the triangle consolidation pattern from 1.3976. Above 1.3566 will resume the rebound from 1.3313 towards 1.3666 resistance and then 1.3860. However, firm break of 1.3313 support will invalidate this view and indicate that deeper correction is underway.

In the bigger picture, as long as 55 W EMA (now at 1.3327) holds, up trend from 1.2005 (2021 low) is still in favor to resume through 1.3976 at a later stage. However, sustained trading below the EMA and 38.2% retracement of 1.2005 to 1.3976 at 1.3233 will raise the chance of bearish reversal. Deeper should then be seen to 61.8% retracement at 1.2758 next.

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 1.3031) holds.

Daily Pivots: (S1) 1.3473; (P) 1.3540; (R1) 1.3586; More…

USD/CAD’s fall from 1.3897 resumed by breaking through 1.3479 support. Intraday bias is back on the downside for 1.3378 support zone. Strong support is expected there to bring rebound. But still, break of 1.3617 resistance is needed to indicate short term bottoming. Otherwise, risk will stay on the downside in case of recovery.

In the bigger picture, rise from 1.3091 is seen as the fifth leg of the whole rise from 1.2005 (2021 low). Further rally is expected as long as 1.3378 support holds, to 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. However, decisive break of 1.3378 will dampen this view and bring deeper fall back to 1.3091 instead.

Daily Pivots: (S1) 1.3092; (P) 1.3119; (R1) 1.3139; More…

USD/CAD’s recovery is limited below 1.3159 minor resistance so far and intraday bias stays neutral. For now, we continue to expect strong 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 1.2838).

In the bigger picture, as long as channel support (now at 1.2838) 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) 1.2463; (P) 1.2505; (R1) 1.2549; More….

Intraday bias in USD/CAD remains neutral for some more consolidations. Outlook will stay bearish as long as 1.2742 resistance holds. On the downside, break of 1.2363 will resume larger down trend to 100% projection of 1.3389 to 1.2588 from 1.2880 at 1.2079.

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 1.2994 support turned resistance resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 1.2847; (P) 1.2872; (R1) 1.2907; More….

USD/CAD’s sharp decline suggests temporary topping at 1.2996. Intraday bias is turned neutral for consolidation. For now, further rise is expected as long as 1.2802 minor support holds. Above 1.2996 will target 1.3124 resistance next. Decisive break there will extend larger rebound to 100% projection of 1.2246 to 1.3124 from 1.2526 at 1.3404. However, break of 1.2802 will at least delay the bullish case, and turn bias back to the downside for 55 day EMA (now at 1.2779) and 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.

USD/CAD’s fall from 1.2805 extended to as low as 1.2421 last week. Initial bias stays on the downside this week for 1.2301 cluster support (61.8% retracement of 1.2005 to 1.2805 at 1.2311). On the upside, break of 1.2605 resistance is needed to indicate completion of the fall. Otherwise, deeper decline will remain in favor in case of recovery.

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.

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, sustained break of 1.2061 will be a sign of long term bearishness. Deeper fall would be seen to 61.8% retracement at 1.1424 and below.

Daily Pivots: (S1) 1.2947; (P) 1.3000; (R1) 1.3044; More…

Intraday bias in USD/CAD stays neutral first. On the upside, decisive break of 1.3081 will be the first sign of completion of whole choppy fall from 1.3385. In that case, near term outlook will be turned bullish for 1.3225 resistance for confirmation. On the downside, below 1.2886 minor support will turn bias to the downside for 1.2781 instead. That would also argue that fall from 1.3385 is still in progress for another low.

In the bigger picture, corrective rebound from 1.2061 could have completed at 1.3385 already. Deeper fall is mildly in favor to 61.8% retracement of 1.2061 to 1.3385 at 1.2567, which is close to 1.2526 support. For now, we’re not seeing fall from 1.3385 as resuming larger down trend from 1.4689 (2015 high) yet. Thus, we’ll look for bottoming signal again below 1.2567 . On the upside, though, break of 1.3081 resistance will argue that the pull back from 1.3385 is completed and rise from 1.2061 is resuming for another high above 1.3385.

USD/CAD rebounded strongly after dipping to 1.2401 last week, but lost momentum after hitting 1.2617. Initial bias is neutral this week first. On the upside, break of 1.2617 will resume the rebound from 1.2401 to 1.2899 resistance. On the downside, break of 1.2401 will revive near term bearishness and target 1.2005 low.

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.

USD/CAD fell sharply to 1.3419 last week but quickly recovered to close above 1.3439 support. Initial bias is turned neutral this week first. On the downside, break of 1.3419 and sustained trading below 1.3439 will argue that rebound from 1.3176 has completed as a corrective move to 1.3605. Near term outlook will be turned bearish for 1.3357 support first. On the upside, though, break of 1.3524 minor resistance will revive near term bullishness, and turn bias back to the upside for retesting 1.3605 resistance instead.

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.

In the longer term picture, price actions from 1.4689 (2016 high) are seen as a consolidation pattern, 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 1.2947 resistance turned support holds.

Daily Pivots: (S1) 1.3229; (P) 1.3274; (R1) 1.3302; More…

USD/CAD is staying in consolidation from 1.3345 and intraday bias remains neutral first. Further rise is expected as long as 1.3177 minor support holds. On the upside, break of 1.3345 will resume the rebound from 1.3016 to 1.3564/3664 resistance zone. Nevertheless, break of 1.3177 will turn bias back to the downside for 1.3016 instead.

In the bigger picture, focus stays on 1.3068 cluster support (38.2% retracement of 1.2061 to 1.3664 at 1.3052). Strong rebound from there will retain medium term bullish. But 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, medium term outlook will stay neutral first. Decisive 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) 1.3169; (P) 1.3203; (R1) 1.3230; More….

Intraday bias in USD/CAD remains neutral for the moment. Corrective pattern from 1.2994 might be extending with another rise. On the upside, above 1.3259 will target 1.3418 resistance first. Break will target 38.2% retracement of 1.4667 to 1.2994 at 1.3633. On the downside, though, break of 1.3099 will bring retest of 1.2994 low instead.

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) 1.3350; (P) 1.3374; (R1) 1.3393; More….

Intraday bias in USD/CAD on the upside with break of 1.3386 resistance. Current development argues that correction from 1.3976 has completed with three waves down to 1.3091. Further rally would then be seen to 1.3653 resistance next. Break there will further confirm this case and target 1.3976 high. On the downside, though, below 1.3318 minor support will mix up the outlook and turn intraday bias neutral again first.

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.

Daily Pivots: (S1) 1.2728; (P) 1.2759; (R1) 1.2798; More….

USD/CAD is staying in consolidation above 1.2706 temporary low and intraday bias remains neutral first. In case of another recovery, upside should be limited by 1.2928 support turned resistance to bring fall resumption. On the downside, firm break of 1.2706 will 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.

USD/CAD edged lower to 1.2588 last week but quickly recovered again. Initial bias stays neutral this week first. Further decline is expected as long as 1.2798 resistance holds. Break of 1.2588 will resume the down trend from 1.4677 to 61.8% projection of 1.4667 to 1.2994 from 1.3389 at 1.2355. However, decisive break of 1.2798 should confirm short term bottoming, on bullish convergence condition in 4 hour MACD. Intraday bias will be turned back to the upside for 1.2957 resistance and possibly above.

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.

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 stay. 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.

USD/CAD was bounded in consolidation below 1.3345 last week. Outlook is unchanged and initial bias stays neutral this week first. With 1.3177 minor support intact, further rise is still expected. On the upside, break of 1.3345 will extend the rebound from 1.3016 to 1.3564/3664 resistance zone. On the downside, however, break of 1.3177 support 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). Decisive break there will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next. Strong rebound from there will retain medium term bullish. But 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.

In the longer term picture, outlook remains unchanged that price actions from 1.4689 (2016 high) are forming a corrective pattern. Rejection by 1.3793 resistance would raise the chance of lengthier extension, with risk of dropping through 1.2061 low before completion.

Daily Pivots: (S1) 1.3303; (P) 1.3339; (R1) 1.3372; More…

USD/CAD attempted to recover but was rejected by 4 hour 55 EMA. Intraday bias stays on the downside for 1.3250 support first. Firm break there 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, break of 1.3467 will resume the rebound from 1.3068 and target a test on 1.3664 high.

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) 1.3262; (P) 1.3288; (R1) 1.3303; More…

Intraday bias in USD/CAD remains neutral for consolidation below 1.3327. In case of deeper retreat, downside should be contained above 1.3190 support to bring another rise. On the upside, break of 1.3327 will resume the rise from 1.3042 to 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.

Daily Pivots: (S1) 1.2539; (P) 1.2556; (R1) 1.2584; More…

USD/CAD is still bounded in range of 1.2501/2646 and intraday bias remains neutral at this point. On the upside, break of 1.2363. But overall outlook will stay bearish as long as 1.2742 resistance holds, and eventual downside breakout is expected. On the downside, break of 1.2501 minor support will bring retest of 1.2363 low first.

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 1.2994 support turned resistance resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.

USD/CAD edged lower to 1.3115 but formed a short term bottom just ahead of 100% projection of 1.3976 to 1.3224 from 1.3860 at 1.3108. But subsequent recovery lost momentum after hitting 1.3284. Initial bias is turned neutral this week first. On the upside, break of 1.3284 will resume the rebound to 55 D EMA (now at 1.3384).

In the bigger picture, price actions from 1.3976 are still viewed as a correction to up trend from 1.2005 (2021 low). Risk will stay on the downside as long as 1.3299 support turned resistance holds. Next target is 61.8% retracement of 1.2005 to 1.3976 at 1.2758. However, sustained trading above 1.3229 will raise the chance that the correction has completed and turn focus back to 1.3653 resistance.

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 1.3039) holds.