Daily Pivots: (S1) 1.3176; (P) 1.3202; (R1) 1.3249; More….

USD/CAD is still bounded in range trading above 1.3091 and intraday bias stays neutral first. Further decline is expected as long as 1.3386 resistance holds. Break of 1.3091 will resume larger fall and target 61.8% projection of 1.3653 to 1.3115 from 1.3386 at 1.3054. However, firm break of 1.3386 will indicate near term reversal and turn outlook bullish.

In the bigger picture, price actions from 1.3976 are viewed as a correction to up trend from 1.2005 (2021 low) only. But even so, deeper decline is expected as long as 1.3386 resistance holds. Further fall could be seen to 61.8% retracement of 1.2005 to 1.3976 at 1.2758. Meanwhile, break of 1.3386 will be a sign that the correction has completed and bring stronger rally back to retest 1.3976.

Daily Pivots: (S1) 1.2814; (P) 1.2865; (R1) 1.2896; More….

Intraday bias in USD/CAD remains neutral for consolidation below 1.2913 temporary top. As long as 1.2748 minor support holds, further rise is expected. Break of 1.2913 will target a test on 1.3124 high next. Though, 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) 1.4040; (P) 1.4080; (R1) 1.4136; More….

Intraday bias in USD/CAD remains neutral first. 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.

Daily Pivots: (S1) 1.3470; (P) 1.3495; (R1) 1.3507; More…

With 4 hour MACD crossed below signal line, a temporary top is in place at 1.3521. intraday bias in USD/CAD is turned neutral for consolidation first. Downside of retreat should be contained by 1.3399 minor support to bring rise resumption. On the upside, above 1.3521 will resume the rise from 1.3068 and target 1.3664 high and then 1.3685 key fibonacci level.

In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3221). 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.

Daily Pivots: (S1) 1.2994; (P) 1.3086; (R1) 1.3144; More….

USD/CAD’s break of 1.3081 resistance argues that consolidation from 1.2994 has possibly completed already. Intraday bias is turned back to the downside for 1.2994 low first. Decisive break there will resume larger down trend from 1.4667. On the upside, however, break of 1.3178 resistance will mix up the near term outlook again and turn intraday bias neutral first.

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) 1.3168; (P) 1.3189; (R1) 1.3222; More….

USD/CAD’s rally resumes after brief consolidation and intraday bias is back on the upside. Current rise from 1.2951 should target 1.3327 resistance next. As noted before, we’re favoring the case that corrective pattern from 1.3664 has completed as a triangle at 1.2951. Decisive break of 1.3327 should confirm this case. On the downside, break of 1.3117 is needed to indicate completion of the current rally. Otherwise, outlook will stay cautiously bullish in case of retreat.

In the bigger picture, rise from 1.2061 (2017 low) could have completed at 1.3664, after failing 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. However, structure of price actions from 1.3664 argues that it’s probably just a corrective move. Hence, while further fall cannot be ruled out, downside should be contained by 50% retracement of 1.2061 to 1.3664 at 1.2863.

Daily Pivots: (S1) 1.3274; (P) 1.3306; (R1) 1.3338; More…

Intraday bias in USD/CAD remains on the upside with focus on 1.3340 resistance. Decisive break there will complete a head and shoulder bottom pattern (ls: 1.3180, h: 1.3068, rs: 1.3112). That should indicate completion of pull back from 1.3664. In this case, further rally should be seen back to 1.3664 high. On the downside, though, break of 1.3235 minor support will turn bias neutral again first.

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 1.3118) 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.

Daily Pivots: (S1) 1.3037; (P) 1.3066; (R1) 1.3106; More…

With 1.3114 minor resistance intact, deeper fall is still expected. Corrective decline from 1.3385 would extend to 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. But still, we’d expect strong support from rising channel line (now at 1.2912) to contain downside and bring rebound. On the upside, above 1.3114  is the first sign of bottoming and will turn bias back to the upside for 1.3289 resistance. Overall, the larger rally from 1.2061 is still expected to resume later.

In the bigger picture, as long as channel support (now at 1.2912) holds, we’re 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) 1.3267; (P) 1.3292; (R1) 1.3341; More….

Despite dipping to 1.3242, USD/CAD failed to sustain below 1.3249 resistance turned support and recovered. Intraday bias remains neutral first. On the upside, of 1.3418 will resume the rebound to 38.2% retracement of 1.4667 to 1.2994 at 1.3633, as correction to whole fall from 1.4667. However, sustained break of 1.3259 will indicate completion of rebound from 1.2994. Intraday bias will be turned back to the downside for retesting this 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, 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) 1.2478; (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) 1.3411; (P) 1.3453; (R1) 1.3479; More…

USD/CAD is staying in consolidation from 1.3521 and intraday bias remains neutral first. In case of deeper retreat, downside should be contained above 1.3274 support to bring rally resumption. On the upside, firm break of 1.3521 will resume the whole rise from 1.3068 to retest 1.3664 high. However, decisive break of 1.3274 support will indicate completion of rise from 1.3068 and turn outlook bearish.

In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3278). 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.

Daily Pivots: (S1) 1.2979; (P) 1.3034; (R1) 1.3097; More…

Intraday bias in USD/CAD remains mildly on the upside for the moment. Sustained break of near term channel resistance (now at 1.3096) will be the first sign of bullish reversal and bring stronger rise to 1.3173 resistance for confirmation. That will also carry larger bullish implication. Meanwhile, below 1.2997 minor support will turn bias back to the downside for 1.2879 fibonacci level.

In the bigger picture, focus is now 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 1.3173 resistance will revive the bullish case and target 61.8% retracement of 1.4689 to 1.2061 at 1.3685 and above.

Daily Pivots: (S1) 1.3945; (P) 1.4039; (R1) 1.4201; More….

Intraday bias in USD/CAD remains mildly on the upside at this point. Corrective fall from 1.4667 might have completed at 1.3885. Break of 1.4349 resistance will target 1.4667/89 resistance zone. While correction from 1.4667 might still extend, 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) 1.3066; (P) 1.3110; (R1) 1.3190; More…

Intraday bias in USD/CAD remains on the upside for 1.3289 resistance. The correction from1.3385 has completed with three waves down to 1.2961. Break of 1.3289 will likely resume larger rise from 1.2061 through 1.3385 high. On the downside, though, break of 1.3035 minor support will dampen this bullish view and turn focus back to 1.2961 low.

In the bigger picture, as long as channel support (now at 1.2911) holds, we’re 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) 1.3332; (P) 1.3375; (R1) 1.3398; More…

USD/CAD’s retreat from 1.3467 is still in progress and intraday bias remains neutral. Deeper fall cannot be ruled out but downside should be contained by 1.3301 support to bring another rally. Corrective fall from 1.3664 has completed at 1.3068 already. Break of 1.3467 will target 1.3664 resistance then 1.3685 fibonacci level.

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 1.3139) 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.

Daily Pivots: (S1) 1.2618; (P) 1.2655; (R1) 1.2726; More…

Intraday bias in USD/CAD remains neutral for the moment. Rise from 1.2005 is in progress with 1.2421 support intact. On the upside, break of 1.2760 will target a test on 1.2947 high. However, break of 1.2492 will resume the fall from 1.2947 to 1.2421 key structural support.

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.

Daily Pivots: (S1) 1.2427; (P) 1.2462; (R1) 1.2522; More…

USD/CAD dipped to 1.2401 but quickly recovered. Intraday bias remains neutral first. Further decline is expected with 1.2591 resistance intact. As noted before, corrective pattern from 1.2005 could have completed already. Break of 1.2401 will target 1.2286 support and then 1.2005 low. On the upside, nevertheless, break of 1.2591 resistance will turn bias back to the upside for 1.2899 resistance 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) 1.3613; (P) 1.3657; (R1) 1.3735; More….

USD/CAD’s break of 1.3675 minor resistance suggests that pull back from 1.3784 has completed at 1.3568 already. Intraday bias is back on the upside for retesting 1.3784 first. Firm break there will resume larger rise from 1.3091 to retest 1.3976 high. On the downside, below 1.3568 will bring another falling leg to extend the near term corrective pattern.

In the bigger picture, current development revives the case that corrective pattern from 1.3976 (2022 high) has 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 will be 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. This will now remain the favored case as long as 1.3378 support holds.

Daily Pivots: (S1) 1.3245; (P) 1.3283; (R1) 1.3317; More…

USD/CAD is staying in consolidation from 1.3180 and intraday bias remains neutral at this point. On the downside, break of 1.3180 will resume the fall from 1.3664 and target 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start to look for bottoming sign below there. On the upside, above 1.3323 will suggest short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

USD/CAD’s rebound last week argues that pull back from 1.3784 has completed at 1.3568. Initial bias is mildly on the upside this week for retesting 1.3784. Firm break there will resume larger rise from 1.3091 to retest 1.3976 high. On the downside, below 1.3568 will bring another falling leg to extend the near term corrective pattern.

In the bigger picture, current development revives the case that corrective pattern from 1.3976 (2022 high) has 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 will be 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. This will now remain the favored case as long as 1.3378 support holds.

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 1.3100) holds.