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.

Daily Pivots: (S1) 1.3383; (P) 1.3433; (R1) 1.3466; More….

USD/CAD’s decline is still in progress and intraday bias stays on the downside for 1.3315 support. Break there will resume whole fall from 1.4667 to 1.3056 long term retracement level. On the upside, above 1.3490 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 1.3646 resistance holds, in case of recovery.

In the bigger picture, the rise from 1.2061 (2017 low) could have completed at 1.4667 after failing 1.4689 (2016 high). Fall from 1.4667 could be the third leg of the corrective pattern from 1.4689. Deeper fall is expected to 61.8% retracement of 1.2061 to 1.4667 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

Daily Pivots: (S1) 1.2940; (P) 1.2978; (R1) 1.3053; More…

USD/CAD’s rally continued and met 1.3022 fibonacci level already. There is no sign of topping yet and intraday bias stays on the upside. Sustained break of 1.3022 will carry larger bullish implications. Next target will be 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343. On the downside, below 1.2907 minor support will turn intraday bias neutral first. But further rally will remain in favor as long as 1.2712 support holds.

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) 1.3219; (P) 1.3258; (R1) 1.3324; More…

Intraday bias in USD/CAD remains on the upside. Current rally is expected to target 100% projection of 1.2246 to 1.3124 from 1.2526 at 1.3404 next. On the downside, below 1.3207 minor support will turn intraday bias neutral and bring consolidation first, before staging another rise.

In the bigger picture, current development solidify the view of bullish trend reversal. 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. This will now be the preferred case as long as 1.2526 support holds, even in case of deep pull back.

USD/CAD surged to as high as 1.2879 last week, but retreated ahead of 1.2899 resistance. Initial bias remains neutral this week first and further rise is in favor. On the upside, above 1.2879 should resume rise from 1.2401 towards 1.3022 fibonacci level. Decisive break there will carry larger bullish implications. However, break of 1.2675 will dampen this bullish view and bring deeper fall back to 1.2401 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.

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) 1.4047; (P) 1.4100; (R1) 1.4148; More….

Intraday bias in USD/CAD remains neutral at this point. We’re seeing price action from 1.4667 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) 1.3432; (P) 1.3464; (R1) 1.3485; More….

USD/CAD retreated after hitting 1.3536 and intraday bias is turned neutral first. Outlook is unchanged that corrective pattern from should have completed at 1.3261. Above 1.3536 will turn bias to the upside for 1.3684 resistance. Nevertheless, break of 1.3356 minor support will dampen this bullish case and bring retest of 1.3261 instead.

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).

Daily Pivots: (S1) 1.3142; (P) 1.3167; (R1) 1.3217; More….

Immediate focus is now on 1.3224 resistance with current recovery. Firm break there should indicate short term bottoming at 1.3115, on bullish convergence condition in 4H MACD. Intraday bias will be back on the upside for stronger rebound for 1.3229 support turned resistance. On the downside, however, sustained break of 100% projection of 1.3860 to 1.3299 from 1.3653 at 1.3092 will extend larger decline to 161.8% projection at 1.2745.

In the bigger picture, price actions from 1.3976 are still viewed as a correction to up trend from 1.2005 (2021 low), but chance of trend reversal is increasing with current decline. In either case, risk will stay on the downside as long as 1.3299 support turned resistance holds, even in case of strong rebound. Next target is 61.8% retracement of 1.2005 to 1.3976 at 1.2758.

USD/CAD failed to break through 1.3494 support turned resistance and retreated. Initial bias stays neutral this week first. On the upside, firm break of 1.3494 will indicate that correction from 1.3976 has completed at 1.3224, ahead of 1.3207 cluster support (61.8% retracement of 1.2726 to 1.3976 at 1.3204). Intraday bias will be turned back to the upside for 1.3807/3976 resistance zone. However, on the downside, sustained break of 1.3204/7 will carry larger bearish implication and target 1.2952 support next.

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).

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 long as 1.2061 support holds, which is close to 50% retracement of 0.9406 to 1.4689 at 1.2048.

Daily Pivots: (S1) 1.2612; (P) 1.2636; (R1) 1.2678; More….

Outlook in USD/CAD is unchanged and intraday bias remains neutral for the moment. Rebound from 1.2446 could still extend with another rise through 1.2742. But overall, outlook will remain bearish as long as 1.2880 resistance holds. Below 1.2586 will turn bias to the downside and bring retest of 1.2466 low first. However, sustained break of 1.2880 will argue that fall from 1.3389 has completed and bring stronger rise to 1.2994 support turned resistance.

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) 1.3171; (P) 1.3205; (R1) 1.3233; More….

Intraday bias in USD/CAD remains on the downside at this point. Fall from 1.3976 is developing at least a a deeper correction. Further fall should be seen to 100% projection of 1.3860 to 1.3299 from 1.3653 at 1.3092 next. On the upside, above 1.3353 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.

In the bigger picture, price actions from 1.3976 are still viewed as a correction to up trend from 1.2005 (2021 low), but chance of trend reversal is increasing with current decline. But in either case, sustained trading below 38.2% retracement of 1.2005 to 1.3976 at 1.3233 will pave the way to 61.8% retracement at 1.2758. Risk will stay on the downside as long as 1.3653 resistance holds, even in case of strong rebound.

Daily Pivots: (S1) 1.3908; (P) 1.3939; (R1) 1.3986; More….

USD/CAD recovered after dipping to 1.3866 but stays below 1.4140 resistance. Intraday bias is neutral first and outlook is unchanged. Corrective pattern from 1.4667 might extend but 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 1.4140 resistance will indicate completion of the correction. Intraday bias will be turned back to the upside for retesting 1.4667. However, sustained break of 1.3762 will bring deeper fall to 1.3664 key support next.

In the bigger picture, at this point, we’re still seeing rise from 1.2061 (2017 low) as resuming up trend from 0.9056 (2007 low). Decisive break of 1.4689 (2016 high) 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) 1.2531; (P) 1.2562; (R1) 1.2595; More…

Intraday bias in USD/CAD remains neutral at this point and some consolidations could be seen. Further rise remains in favor as long as 1.2485 resistance turned support holds. On the upside, break of 1.2805 will extend the rise from 1.2005 to 1.3022 medium term fibonacci level next. On the downside, however, break of 1.2485 will bring deeper fall back to next cluster support at 1.2301 (61.8% retracement of 1.2005 to 1.2805 at 1.2311).

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) 1.2720; (P) 1.2798; (R1) 1.2857; More….

Intraday bias in USD/CAD remains neutral first. Rebound from 1.2588 short term bottom is expected to extend higher as long as 1.2684 minor support holds. Break of 1.2880 will target 1.2994 support turned resistance. However, break of 1.2684 minor support will argue that the rebound has completed and bring retest of 1.2588 low.

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.

Daily Pivots: (S1) 1.3313; (P) 1.3348; (R1) 1.3374; More…

USD/CAD drops sharply in early US session but stays well above 1.3247 minor support so far. Intraday bias remains neutral first. Further rise is expected as long as 1.3247 minor support holds. On the upside, above 1.3382 will extend the rebound from 1.3016 to 1.3564/3664 resistance zone. However, firm break of 1.3247 will turn bias back to the downside for 1.3016 instead.

In the bigger picture, key cluster support of 1.3068 (38.2% retracement of 1.2061 to 1.3664 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 1.3052/68 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) 1.3659; (P) 1.3698; (R1) 1.3752; More….

Intraday bias in USD/CAD stays neutral and outlook is unchanged. Further rally is expected with 1.3650 support intact. On the upside, break of 1.3860 will resume the rally from 1.3261 to retest 1.3976 high. However, firm break of 1.3650 will mix up the near term outlook and bring deeper pullback to 55 day EMA (now at 1.3572) first.

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, break of 1.3261 support is needed to confirm medium term topping. Otherwise, outlook will remain bullish even in case of deep pull back.

Daily Pivots: (S1) 1.3101; (P) 1.3126; (R1) 1.3172; More….

Intraday bias in USD/CAD is turned neutral with a temporary low formed at 1.3081. Further decline is expected as long as 1.3259 resistance holds. Below 1.3081 will target 1.2994 low first. 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.

Daily Pivots: (S1) 1.3386; (P) 1.3462; (R1) 1.3511; More….

USD/CAD’s fall from 1.3860 is in progress and intraday bias remains on the downside. This decline is seen as the third leg of the corrective pattern from 1.3976. Deeper fall would be seen to 1.3224/61 support zone. But strong support should be seen around there to bring rebound. Still, break of 1.3563 resistance is needed to indicate completion of the decline first. Or further fall will remain in favor in case of recovery.

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) 1.3758; (P) 1.3828; (R1) 1.3952; More…

Intraday bias in USD/CAD stays neutral for consolidation below 1.3976. Outlook will stay bullish as long as 1.3501 support holds. Firm break of 1.3976 will resume larger up trend, and target 200% projection of 1.2005 to 1.2947 from 1.2401 at 1.4285.

In the bigger picture, up trend from 1.2005 (2021 low) is still in progress. Based on current impulsive momentum, it could be resuming long term up trend from 0.9056 (2007 low). Whether it is or it isn’t, retest of 1.4689 (2016 high) should be seen next. This will now remain the favored case as long as 1.3222 resistance turned support holds.

Daily Pivots: (S1) 1.3573; (P) 1.3600; (R1) 1.3616; More….

Intraday bias in USD/CAD remains neutral for consolidation below 1.3653 temporary top. Overall, outlook is unchanged. Price actions from 1.3976 are seen as a triangle consolidation pattern. Above 1.3666 will target 1.3860 resistance first. Firm break of 1.3860 will argue that larger up trend is ready to resume through 1.3976 high.

In the bigger picture, rise from 1.2005 (2021 low) is expected to resume through 1.3976 after consolidation from there completes. On decisive break of 1.3976, next target will be 1.4667/89 long term resistance zone. This will remain the favored case as long as 38.2% retracement of 1.2005 to 1.3976 at 1.3233 holds.