Daily Pivots: (S1) 1.2843; (P) 1.2880; (R1) 1.2945; More…

USD/CAD’s rally resumes by breaking through 1.2913 resistance. Intraday bias is back on the upside for 1.3022 fibonacci level next. Decisive break there will carry larger bullish implications. For now, outlook will remain cautiously bullish as long as 1.2712 support holds, in case of retreat.

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) 1.2785; (P) 1.2848; (R1) 1.2889; More…

USD/CAD’s fall from 1.3222 is resuming and intraday bias is back on the downside. Sustained break of 1.2818 support will bring deeper fall back to 1.2516 key support. This will also raise the chance of near term bearish reversal. On the upside, above 1.2945 minor resistance will revive 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) 1.2949; (P) 1.2999; (R1) 1.3035; More…

Intraday bias in USD/CAD stays neutral with focus on 1.2971 support. Firm break there will argue that corrective pattern from 1.3222 is extending with another falling leg. Deeper decline would be seen back to 1.2726 support. On the upside, decisive break of 1.3222 will resume larger up trend from 1.2005.

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) 1.2979; (P) 1.3058; (R1) 1.3101; More…

USD/CAD’s break of 1.2935 minor support suggests that a short term top was formed already at 1.3222. Intraday bias is back on the downside for 1.2818 support first. Firm break there will bring deeper fall back to 1.2516 key support. For now, risk will stay mildly on the downside as long as 1.3222 resistance holds, in case of recovery.

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.

USD/CAD rebounded strongly to 1.3386 last week, but failed to sustain above 55 D EMA (now at 1.3366), and retreated deeply. Initial bias is turned neutral this week first. On the upside, break of 1.3386 and sustained trading above 55 D EMA will argue that whole corrective pattern from 1.3976 has completed with three waves down to 1.3115. Further rally should then be seen to 1.3653 resistance next. Nevertheless, break of 1.3202 support will bring retest of 1.3115 low instead.

In the bigger picture, price actions from 1.3976 are viewed as a correction to up trend from 1.2005 (2021 low) only. Hence, the up trend is in favor to resume through 1.3976 at a later stage. Nevertheless, another fall below 1.3115 will extending the decline from 1.3976 to 61.8% retracement of 1.2005 to 1.3976 at 1.2758, and raise the chance of bearish trend reversal.

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 1.3048) holds.

Daily Pivots: (S1) 1.3532; (P) 1.3561; (R1) 1.3611; More….

USD/CAD is staying in range below 1.3602 and intraday bias remains neutral. On the upside, break of 1.3602 will resume the whole rally from 1.3091 to 1.3653 resistance first. Decisive break there will confirm that correction from 1.3976 has completed, a target a test on this high. However, break of 1.3495 will indicate short term topping, on bearish divergence condition in 4H MACD, and turn bias to the downside for deeper pull back.

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. Next target is 61.8% projection of 1.2005 to 1.3976 from 1.3091 at 1.4309. 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) 1.3655; (P) 1.3683; (R1) 1.3710; More…

Intraday bias in USD/CAD is turned neutral first with current recovery. Overall outlook is unchanged that price actions from 1.3897 are developing into a consolidation pattern. While deeper fall cannot be ruled out, downside should be contained by 38.2% retracement of 1.3091 to 1.3897 at 1.3589 to bring rebound. Break of 1.3897 is expected at a later stage to resume larger rally.

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.

Daily Pivots: (S1) 1.3377; (P) 1.3403; (R1) 1.3445; More…

USD/CAD recovered after dipping to 1.3363, held above 1.3357 support. Intraday bias is turned neutral first. Further decline will remain in favor as long as 1.3449 minor resistance holds. Current development suggests that choppy rise from 1.3068 has completed at 1.3564, on bearish divergence condition in 4 hour MACD. Decisive break of 1.3357 support will confirm this bearish case and target 1.3274 support next. More importantly, that could also have medium term channel support taken out, which carries larger bearish implications too. However, break of 1.3449 will revive near term bullishness and turn bias back to retest 13564.

In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3335). Thus, the up trend from 1.2061 (2017 low) should be in progress. On the upside, decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will pave the way to 78.6% retracement at 1.4127 next. This will remain the favored case as long as 1.3068 support holds. However, sustained break of the channel support will be the first sign of medium term reversal. Firm break of 1.3068 would confirm.

Daily Pivots: (S1) 1.2239; (P) 1.2277; (R1) 1.2301; More…

USD/CAD’s down trends resumed by breaking 1.2265 temporary low and intraday bias is back on the downside. Next target is 100% projection of 1.2880 to 1.2363 from 1.2653 at 1.2136. On the upside, however, break of 1.2350 minor resistance should now indicate short term bottoming. Intraday bias would then be turned back to the upside for rebound to 55 day EMA (now at 1.2524).

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). We’d look for strong support from there to bring rebound. Nevertheless, sustained break of 1.2653 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 1.2988; (P) 1.3019; (R1) 1.3055; More…

Intraday bias in USD/CAD remains neutral for the moment. Further rise is mildly in favor with 1.2818 support intact. On the upside, break of 1.3082 and sustained trading above 1.3022 fibonacci level will carry larger bullish implications, and bring up trend resumption. Next target is 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343. On the downside, break of 1.2818 minor support will bring deeper fall back to 1.2516 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.

USD/CAD was bounded in consolidation below 1.3521 last week and downside was contained at 1.3376. Initial bias stays neutral first as more consolidative trading could be seen. For now, further rally remains mildly in favor despite relatively weak upside momentum as seen in daily MACD. On the upside, break of 1.3521 will resume the whole rise from 1.3068 to retest 1.3664 high. On the downside, below 1.3376 will turn bias to the downside for 1.3274 support. Break will indicate that choppy rebound from 1.3068 has completed at 1.3521. Near term outlook will be turned bearish for retesting 1.3068 support.

In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3272). Thus, the up trend from 1.2061 (2017 low) should be in progress. On the upside, decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will pave the way to 78.6% retracement at 1.4127 next. This will remain the favored case as long as 1.3068 support holds. However, sustained break the channel support will be the first sign of medium term reversal. Firm break of 1.3068 would confirm.

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 still prospect of extending the long term up trend through 1.4689.

Daily Pivots: (S1) 1.3061; (P) 1.3110; (R1) 1.3164; More…

USD/CAD is staying in range of 1.3048/3170. At this point, intraday bias remains neutral first. 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) 1.3495; (P) 1.3545; (R1) 1.3621; More….

Intraday bias in USD/CAD is turned neutral again with current recovery. Corrective structure of the price actions from 1.3699 argues that rise from 1.3224 is not finished. Break of 1.3704 will target 61.8% projection of 1.3224 to 1.3669 from 1.3468 at 1.3762, and then 100% projection at 1.3943. On the downside, break of 1.3468 will bring deeper pull back first.

In the bigger picture, as long as 1.3222 cluster support (38.2% retracement of 1.2005 to 1.3976 at 1.3223) holds, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 high at a later stage. However, firm break of 1.3222/3 will indicate that the trend might have reversed. Deeper fall would be seen to next cluster support at 1.2726 (61.8% retracement at 1.2758).

USD/CAD rebounded strongly ahead of 1.3299 support, after hitting 55 W EMA. The development suggests that it’s possibly in another leg inside the triangle pattern from 1.3976. Initial bias is now mildly on the upside for 1.3666 resistance. Break there will target 1.3860 resistance next. On the downside, though, below 1.3478 minor support will turn intraday bias neutral instead.

In the bigger picture, as long as 55 W EMA (now at 1.3321) 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) 1.2478; (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) 1.2515; (P) 1.2541; (R1) 1.2590; More…

Intraday bias in USD/CAD remains neutral as consolidation from 1.2603 temporary top is extending. As noted before, fall from 1.2947 has possibly completed with three waves down to 1.2886. Further rise is in favor as long as 1.2386 support holds. On the upside, break of 1.2603 will resume the rally to 1.2894/2947 resistance zone. However, break of 1.2386 will revive near term bearishness and bring retest of 1.2886 low.

In the bigger picture, medium term outlook is neutral for now. The pair drew support from 1.2061 cluster and rebounded. Yet, upside was limited below 38.2% retracement of 1.4667 to 1.2005 at 1.3022. On the upside, firm break of 1.3022 should affirm the case of medium term bullish reversal. However, break of 1.2286 will turn focus back to 1.2005 low again.

Daily Pivots: (S1) 1.3588; (P) 1.3619; (R1) 1.3676; More….

Intraday bias in USD/CAD remains neutral first as consolidation from 1.3664 temporary top is extending. Further rally is in favor as long as 1.3474 resistance turned support holds. Break of 1.3664 will resume the rise from 1.3261. Sustained trading above 1.3684 will confirm that corrective pattern from 1.3976 has completed, and bring retest of this high.

In the bigger picture, outlook stays bullish with 1.3222 cluster support (38.2% retracement of 1.2005 to 1.3976 at 1.3223) intact. Break of 1.3976 resistance will resume larger up trend from 1.2005 (2021 low) to 61.8% projection of 1.2401 to 1.3976 from 1.3261 at 1.4234.

Daily Pivots: (S1) 1.2651; (P) 1.2684; (R1) 1.2709; More…

Intraday bias in USD/CAD remains neutral as consolidation from 1.2795 is still extending. With 1.2558 minor support intact, further rally is still in favor. On the upside, break of 1.2795 will target 1.2812 and then 1.2963 resistance. However, break of 1.2558 minor support will turn bias back to the downside for 1.2448 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.

Daily Pivots: (S1) 1.3141; (P) 1.3185; (R1) 1.3230; More…

A temporary low is formed at 1.3128 in USD/CAD with 4 hour MACD crossed above signal line. Intraday bias is turned neutral first. While fall from 1.3385 could still extend, we’d expect downside to be contained there to bring rebound. On the upside, above 1.3258 minor resistance will bring retest of 1.3385. However, firm break of 1.3067will bring deeper decline to channel support (now at 1.2839).

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.

Daily Pivots: (S1) 1.3349; (P) 1.3406; (R1) 1.3445; More…

Intraday bias in USD/CAD remains neutral for the moment. On the downside, firm break of 1.3342 support will argue that rebound from 1.3176 has completed at 1.3540, and target this low for resuming whole fall from 1.3897. On the upside, however, break of 1.3540 will resume the rebound from 1.3176 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.