Daily Pivots: (S1) 1.2527; (P) 1.2558; (R1) 1.2616; More…

USD/CAD’s rebound from 1.2448 extends higher today. Break of 1.2619 support argues that pull back from 1.2963 has completed with three waves down to 1.2448. Intraday bias stays on the upside for 1.2812 resistance first, and then 1.2963. On the downside, below 1.2553 minor support will mix up the near term outlook and turn intraday bias neutral.

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 form 1.4667 and that carries larger bearish implications too.

Daily Pivots: (S1) 1.2527; (P) 1.2558; (R1) 1.2616; More…

Intraday bias in USD/CAD remains mildly on the upside for 1.2619 support turned resistance first. Firm break there will argue that whole pull back from 1.2963 has completed and bring stronger rally through 1.2812 to retest 1.2964. Nevertheless, rejection by 1.2619, followed by break of 1.2448, will retain near term bearishness for deeper decline to 1.2286 support next.

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 form 1.4667 and that carries larger bearish implications too.

USD/CAD’s late rebound and break of 1.2569 minor resistance last week suggests short term bottoming at 1.2448, after touching trend line support. Initial bias is back on the upside for 1.2619 support turned resistance first. Firm break there will argue that whole pull back from 1.2963 has completed and bring stronger rally through 1.2812 to retest 1.2964. Nevertheless, rejection by 1.2619, followed by break of 1.2448, will retain near term bearishness for deeper decline to 1.2286 support next.

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 form 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.

Daily Pivots: (S1) 1.2464; (P) 1.2491; (R1) 1.2528; More…

Downside momentum is diminishing in USD/CAD as seen in 4 hour MACD. But with 1.2569 resistance intact, further decline is still expected. As noted before, the whole pattern from 1.2005 might be finished three waves to 1.2963. Further fall 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) 1.2478; (P) 1.2521; (R1) 1.2556; More…

Intraday bias in USD/CAD stays on the downside at this point. As noted before, the whole pattern from 1.2005 might be finished three waves to 1.2963. Further fall 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) 1.2478; (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) 1.2478; (P) 1.2521; (R1) 1.2556; More…

Intraday bias in USD/CAD remains neutral and outlook is unchanged. Further fall is expected as long as 1.2619 support turned resistance holds. Current development argues that whole pattern from 1.2005 has completed with three waves to 1.2963. Below 1.2452 will target 1.2286 support, and possibly further to retest 1.2005 low. Nevertheless, firm break of 1.2619 will bring stronger rebound back to 1.2812 resistance.

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) 1.2493; (P) 1.2525; (R1) 1.2550; More…

USD/CAD is staying in consolidation from 1.2452 and intraday bias remains neutral first. Further fall is expected as long as 1.2619 support turned resistance holds. Current development argues that whole pattern from 1.2005 has completed with three waves to 1.2963. Below 1.2452 will target 1.2286 support, and possibly further to retest 1.2005 low. Nevertheless, firm break of 1.2619 will bring stronger rebound back to 1.2812 resistance.

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) 1.2488; (P) 1.2529; (R1) 1.2588; More…

Intraday bias in USD/CAD remains neutral for consolidation above 1.2452 temporary low. Further fall is expected as long as 1.2619 support turned resistance holds. Current development argues that whole pattern from 1.2005 has completed with three waves to 1.2963. Below 1.2452 will target 1.2286 support, and possibly further to retest 1.2005 low. Nevertheless, firm break of 1.2619 will bring stronger rebound back to 1.2812 resistance.

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.

USD/CAD dropped to 1.2452 last week before forming a temporary low there and recovered. Initial bias is neutral this week for some consolidations first. But risk will stay on the downside as long as 1.2812 resistance holds. Current development argues that whole pattern from 1.2005 has completed with three waves to 1.2963. Below 1.2452 will target 1.2286 support, and possibly further to retest 1.2005 low.

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.

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.

Daily Pivots: (S1) 1.2475; (P) 1.2497; (R1) 1.2541; More…

Intraday bias in USD/CAD remains on the downside for the moment. As noted before, rise from 1.2286 is finished at 1.2963, and possibly the whole pattern from 1.2005 too. Deeper decline would be seen back to 1.2286 support first. Break there will target 1.2005 low. For now, risk will stay on the downside as long as 1.2812 resistance holds, in case of recovery.

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) 1.2474; (P) 1.2527; (R1) 1.2558; More…

USD/CAD’s fall from 1.2962 is still in progress and intraday bias stays on the downside. Rise from is finished at 1.2963, and possibly the whole pattern from 1.2005 too. Deeper decline would be seen back to 1.2286 support first. Break there will target 1.2005 low. For now, risk will stay on the downside as long as 1.2812 resistance holds, in case of recovery.

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) 1.2534; (P) 1.2607; (R1) 1.2647; More…

With the strong break of 1.2619 support, USD/CAD’s should have completed a head and should top pattern (ls: 1.2852, h: 1.2963, rs: 1.2812). The development argues that rise from is finished at 1.2963, and possibly the whole pattern from 1.2005 too. Intraday bias is back on the downside for 1.2286 support first. Break there will target 1.2005 low. For now, risk will stay on the downside as long as 1.2812 resistance holds, in case of recovery.

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) 1.2623; (P) 1.2661; (R1) 1.2711; More…

Intraday bias in USD/CAD stays neutral and outlook is unchanged. On the downside, firm break of 1.2619 support will complete a head and should top pattern (ls: 1.2852, h: 1.2963, rs: 1.2812). That would also argue that whole pattern from 1.2005 has completed with three waves to 1.2963. Intraday bias will be back to the downside for 1.2286 support, and possibly further to 1.2005 low. On the upside, though, break of 1.2812 resistance will retain near term bullishness, and target 1.2963 and then 1.3022 fibonacci level.

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. On the downside, however, break of 1.2286 will turn focus back to 1.2005 low again.

Daily Pivots: (S1) 1.2607; (P) 1.2669; (R1) 1.2706; More…

Intraday bias in USD/CAD remains neutral at this point. On the downside, firm break of 1.2619 support will complete a head and should top pattern (ls: 1.2852, h: 1.2963, rs: 1.2812). That would also argue that whole pattern from 1.2005 has completed with three waves to 1.2963. Intraday bias will be back to the downside for 1.2286 support, and possibly further to 1.2005 low. On the upside, though, break of 1.2812 minor resistance will retain near term bullishness, and target 1.2963 and then 1.3022 fibonacci level.

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. On the downside, however, break of 1.2286 will turn focus back to 1.2005 low again.

USD/CAD was bounded in range trading last week, between 1.2604/2962. Initial bias stays neutral this week first. On the downside, firm break of 1.2619 support will complete a head and should top pattern (ls: 1.2852, h: 1.2963, rs: 1.2812). That would also argue that whole pattern from 1.2005 has completed with three waves to 1.2963. Intraday bias will be back to the downside for 1.2286 support, and possibly further to 1.2005 low. On the upside, though, above 1.2963 will target 1.3022 key fibonacci resistance.

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. On the downside, 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, 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) 1.2685; (P) 1.2749; (R1) 1.2792; More…

Intraday bias in USD/CAD remains neutral and outlook is unchanged. As long as 1.2604 support holds, we’d still slightly favor another rally. Break of 1.2963 will target 1.3022 key medium term fibonacci level. Sustained break of 1.3022 will carry larger bullish implications. However, firm break of 1.2604 will bring deeper fall back to 1.2286 support instead.

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. On the downside, however, break of 1.2286 will turn focus back to 1.2005 low again.

Daily Pivots: (S1) 1.2712; (P) 1.2740; (R1) 1.2787; More…

USD/CAD’s rebound from 1.2619 extends higher but stays in range below 1.2963. Intraday bias remains neutral first. As long as 1.2604 support holds, we’d still slightly favor another rally. Break of 1.2963 will target 1.3022 key medium term fibonacci level. Sustained break of 1.3022 will carry larger bullish implications. However, firm break of 1.2604 will bring deeper fall back to 1.2286 support instead.

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. On the downside, however, break of 1.2286 will turn focus back to 1.2005 low again.

Daily Pivots: (S1) 1.2658; (P) 1.2719; (R1) 1.2806; More…

Intraday bias in USD/CAD remains neutral first. As long as 1.2604 support holds, we’d still slightly favor another rally. Break of 1.2963 will target 1.3022 key medium term fibonacci level. Sustained break of 1.3022 will carry larger bullish implications. However, firm break of 1.2604 will bring deeper fall back to 1.2286 support instead.

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. On the downside, however, break of 1.2286 will turn focus back to 1.2005 low again.

Daily Pivots: (S1) 1.2658; (P) 1.2719; (R1) 1.2806; More…

USD/CAD dropped sharply to as low as 1.2619, but recovered ahead of 1.2604 near term support. Intraday bias is turned neutral first. As long as 1.2604 support holds, we’d still slightly favor another rally. Break of 1.2963 will target 1.3022 key medium term fibonacci level. Sustained break of 1.3022 will carry larger bullish implications. However, firm break of 1.2604 will bring deeper fall back to 1.2286 support instead.

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. On the downside, however, break of 1.2286 will turn focus back to 1.2005 low again.