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 consolidation from 1.3521 extended last week with a sharp decline to 1.3357 but quickly rebounded. Initial bias remains neutral this week and outlook is unchanged. In case of another fall, 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 1.3304). 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) 1.3292; (P) 1.3323; (R1) 1.3381; More….

Intraday bias in USD/CAD stays neutral first as range trading continues. As long as 1.3386 resistance holds, further decline is mildly in favor. Below 1.3242 minor support should resume larger decline through 1.3091 low. Nevertheless, on the upside, 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) 1.2614; (P) 1.2661; (R1) 1.2727; More…

Intraday bias in USD/CAD is turned neutral with current recovery. On the downside, break of 1.2592 will resume the fall from 1.2891, as the third leg of the pattern from 1.2947, to 1.2492 support and possibly below. On the upside, above 1.2729 minor resistance will turn bias back to the upside for 1.2891/2947 resistance zone instead. Overall, with 1.2421 support intact, rise from 1.2005 should still be in progress for another rally through 1.2947 at a later stage.

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) 1.3533; (P) 1.3575; (R1) 1.3593; More….

Despite loss of upside momentum, further rise is expected in USD/CAD with 1.3509 support intact. Decisive break of 1.3653 resistance there will confirm that correction from 1.3976 has completed, and target a test on this high. On the downside, however, break of 1.3509 support will indicate short term topping, and turn bias to the downside for some correction first.

In the bigger picture, price actions from 1.3976 are viewed as a corrective pattern 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. For now, this will remain the favored case as long as 55 D EMA (now at 1.3387) holds.

Daily Pivots: (S1) 1.3412; (P) 1.3439; (R1) 1.3472; More….

With 4 hour MACD crossed above signal line, a temporary low is in place at 1.3405 and intraday bias in USD/CAD is turned neutral first. Upside of recovery should be limited by 1.3563 resistance to bring another fall. Break of 1.3405 will resume the decline from 1.3860, as the third leg of the corrective pattern from 1.3976, to 1.3224/61 support zone. Strong support should be seen around there to bring rebound.

In the bigger picture, the up trend from 1.2005 (2021 low) is still in progress. Break of 1.3976 will confirm resumption and target 61.8% projection of 1.2401 to 1.3976 from 1.3261 at 1.4234. Firm break there will pave the way to long term resistance zone at 1.4667/89 (2016, 2020 highs). On the downside, sustained break of 55 week EMA (now at 1.3282) is needed to confirm medium term topping. Otherwise, outlook will remain bullish even in case of deep pull back.

Daily Pivots: (S1) 1.2979; (P) 1.3058; (R1) 1.3101; More…

Intraday bias in USD/CAD remains neutral for the moment. Further rise will remains in favor as long as 1.2935 support holds. Break of 1.3222 will target 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343. However, firm break of 1.2935 will dampen this bullish case and turn bias to the downside for 1.2818 support.

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) 1.3103; (P) 1.3132; (R1) 1.3153; More….

Intraday bias in USD/CAD remains neutral first and further fall is in favor with 1.3259 resistance intact. On the downside, break of 1.3081 will target a test on 1.2994 low. Break will resume the larger fall from 1.4667. However, break of 1.3259 resistance will extend the consolidation pattern from 1.2994 with another rising leg. Intraday bias will be turned back to the upside for 1.3418 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.

USD/CAD stayed in range below 1.3104 last week and outlook is unchanged. Initial bias remains neutral this week first. On the upside, firm break of 1.3102/4 resistance will confirm short term bottoming at 1.2951. Further rise should then be seen to 55 day EMA (now at 1.3133) and above. On the downside, break of 1.2951 will resume larger decline to 100% projection of 1.3564 to 1.3016 from 1.3327 at 1.2779 next.

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 is expected, downside should be contained by 61.8% retracement of 1.2061 to 1.364 at 1.2673. Nevertheless, sustained break of 1.2673 will put focus on 1.2061 low.

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) 1.3104; (P) 1.3166; (R1) 1.3203; More…

USD/CAD’s break of 1.3134 minor support suggests temporary topping at 1.3325. Intraday bias is turned neutral for some consolidation. We’re holding on to the view that correction from 1.3385 has completed at 1.2886. Downside of retreat should be contained well above 1.2886 to bring another rally. On the upside, break of 1.3225 will target a test on 1.3385 high.

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) 1.3141; (P) 1.3172; (R1) 1.3224; More….

Intraday bias in USD/CAD remains neutral at this point. Further rise remains in favor with 1.3086 minor support holds. Above 1.3259 will extend the rebound from 1.2994 short term bottom to 55 day EMA (now at 1.3319), and then 38.2% retracement of 1.4667 to 1.2994 at 1.3633. On the downside, though, below 1.3086 minor support will bring retest of 1.2994 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, though, break out 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

Daily Pivots: (S1) 1.4062; (P) 1.4110; (R1) 1.4196; More….

USD/CAD edged higher to 1.4173 but retreated quickly . Intraday bias remains neutral first. Price actions from 1.4667 are seen as a corrective pattern. On the upside, break of 1.4265 resistance will indicate completion of the correction. Intraday bias will be turned back to the upside for retesting 1.4667. Intraday bias will be turned back to the upside for retesting 1.4667. 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.

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) 1.2758; (P) 1.2793; (R1) 1.2858; More…

Intraday bias in USD/CAD remains neutral first and outlook is mixed. On the upside, break of 1.2899 will target 1.2963 resistance first. Break there will target key long term fibonacci level at 1.3022. However, break of 1.2586 will bring retest of 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.

Daily Pivots: (S1) 1.3549; (P) 1.3582; (R1) 1.3623; More…

A temporary low is formed at 1.3539 with current recovery and intraday bias is turned neutral first. Further decline is expected as long as 1.3653 support turned resistance holds. Below 1.3539 will resume the correction from 1.3897 to 1.3378 support next.

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) 1.3055; (P) 1.3109; (R1) 1.3178; More….

USD/CAD’s recovery from 1.2944 extends higher but stays well below 1.3239 resistance. Intraday bias remains neutral and outlook stays bearish for further decline. On the downside, break of 1.2994 should target 161.8% projection of 1.4048 to 1.3315 from 1.3715 at 1.2529. However, on the upside, firm break of 1.3239 will confirm short term bottoming, and turn bias to the upside for stronger rebound.

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, though, break out 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

USD/CAD gyrated lower last week but recovered after hitting 1.2659. Initial bias is neutral this week first. On the downside, break of 1.2659 will argue that rebound from 1.2588 has completed at 1.2880. Intraday bias will be turned back to the downside for retesting 1.2588 low. On the upside, break of 1.2781 minor resistance will revive near term bullishness. Intraday bias will be turned back to the upside for 1.2880 and above, to resume the rebound from 1.2588.

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.

Daily Pivots: (S1) 1.3555; (P) 1.3586; (R1) 1.3606; More…

USD/CAD’s rally continues today and reaches as high as 1.3639 so far. Intraday bias remains on the upside for 1.3685 fibonacci level next. Break there will target 1.3793 key medium term resistance. On the downside, below 1.3566 minor support will turn intraday bias neutral and bring consolidations. But downside should be contained above 1.3322 support to bring another rally.

In the bigger picture, up trend from 1.2061 (2017 low) is still in progress and should target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. At this point, the structure is not clearly impulsive yet. Hence, we’d be cautious on topping between 1.3685/3793. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.2991) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

Daily Pivots: (S1) 1.2813; (P) 1.2882; (R1) 1.2924; More…

Intraday bias in USD/CAD is turned neutral again with current deep retreat. On the downside, break of 1.2817 minor support will suggest that fall from 1.3222 high is ready to resume. Intraday bias will be back on the downside for 1.2766 support and below. On the upside, above 1.2984 will resume the rebound to retest 1.3222 high 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.