Daily Pivots: (S1) 1.2383; (P) 1.2404; (R1) 1.2435; More….

Intraday bias in USD/CAD stays on the downside with 1.2490 minor resistance intact. Current decline from 1.3793 (and 1.4689) is expected to continue and target next long term fibonacci level at 1.2048. On the upside, above 1.2490 minor resistance will turn intraday bias neutral again. But outlook will remain bearish as long as 1.2662 resistance holds.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. Such corrective fall is expected to extend to 50% retracement of 0.9406 to 1.4869 at 1.2048. At this point, we’d look for strong support from there to contain downside and bring rebound. Break of 1.2777 resistance will indicate reversal and turn outlook bullish for 1.3793 key resistance. However, sustained break of 1.2048 will carry larger bearish implications and bring deeper decline.

Daily Pivots: (S1) 1.2829; (P) 1.2853; (R1) 1.2887; More…

Consolidative trading continues in USD/CAD and intraday bias remains neutral. Further decline is mildly in favor with 1.2945 minor resistance intact. Below 1.2766 will resume the fall from 1.3222 to 1.2818 support next. 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) 1.2992; (P) 1.3048; (R1) 1.3085; More…

Intraday bias in USD/CAD remains neutral at this point. As long as medium term channel support holds (now at 1.2986), we’d expect further rise ahead in the pair. On the upside, above 1.3173 will indicate completion of correction from 1.3385. In such case, intraday bias will be turned back tot he upside for 1.3289 resistance first. However, sustained trading below the channel, and break of 1.2961 support, will carry larger bearish implication and turn outlook bearish.

In the bigger picture, as long as channel support (now at 1.2986) 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. Further decline should be seen to 38.2% retracement of 1.2061 to 1.3385 at 1.2879 first. Sustained break will pave the way to 61.8% retracement at 1.2567 and below.

Daily Pivots: (S1) 1.3829; (P) 1.3860; (R1) 1.3907; More…

USD/CAD’s rally resumed after brief retreat and intraday bias is back on the upside. Current rally should target retest on 1.3976. Decisive break there will resume larger up trend to 1.4064 projection level. On the downside, below 1.3812 minor support will turn intraday bias neutral again.

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 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 1.3568 support holds.

Daily Pivots: (S1) 1.3137; (P) 1.3187; (R1) 1.3288; More….

USD/CAD’s break of 1.3239 resistance suggests short term bottoming at 1.2994 on bullish convergence condition in daily MACD. Intraday bias is turned back to the upside for 55 day EMA (now at 1.3328). Firm break there will pave the way to 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) 1.3300; (P) 1.3323; (R1) 1.3346; More…

No change in USD/CAD’s outlook as it’s staying in consolidation from 1.3239. Intraday bias remains neutral at this point. Upside of recovery should be limited by 1.3363 support turned resistance to bring fall resumption. Choppy rise from 1.3068 has completed at 1.3564 already. Fall from 1.3564 is likely resuming the decline from 1.3664 medium term top. Break of 1.3239 will turn bias back to the downside for 1.3052/68 cluster support. However, sustained break of 1.3363 will mix up the near term outlook and bring stronger rebound first.

In the bigger picture, the strong break of medium term channel support now argues that up trend from 1.2061 (2017 low) has completed at 1.3664 (2018 high), just ahead of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685, and 1.3793 resistance. Decisive break of 1.3068 cluster support (38.2% retracement of 1.2061 to 1.3664 at 1.3052) will confirm and pave the way to 61.8% retracement at 1.2673 next. For now, risk will remain on the downside as long as 1.3564 resistance holds, even in case of strong rebound.

Daily Pivots: (S1) 1.3459; (P) 1.3492; (R1) 1.3535; More….

Range trading continues in USD/CAD and intraday bias remains neutral at this point. Overall, the pair is seen as extending the triangle consolidation pattern from 1.3976. Above 1.3566 will resume the rebound towards 1.3666 resistance and then 1.3860. However, firm break of 1.3313 support will invalidate this view and indicate that deeper correction is underway.

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.

Daily Pivots: (S1) 1.2598; (P) 1.2654; (R1) 1.2682; More…

Outlook in USD/CAD remains unchanged and intraday bias stays neutral first. 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) 1.2463; (P) 1.2528; (R1) 1.2582; More…

Intraday bias in USD/CAD is turned neutral with current recovery and some consolidations could be seen. But further decline is still expected as long as 1.2645 resistance holds. Corrective pattern from 1.2005 could have completed already. Firm break of 1.2448 support should confirm this bearish case and bring retest of 1.2005. On the upside, nevertheless, break of 1.2645 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) 1.3138; (P) 1.3170; (R1) 1.3211; More….

Intraday bias in USD/CAD remains neutral at this point and further rise is mildly in favor with 1.3086 minor support intact. On the upside, break of 1.3259 will target 38.2% retracement of 1.4667 to 1.2994 at 1.3633, to correct the whole fall from 1.4667. Nevertheless, on the downside, break of 1.3086 will bring retest of 1.2994 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, though, break of 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

USD/CAD edged higher to 1.3585 last week but retreated since then. Initial bias remains neutral this week first. Further rally is expected as long as 1.3357 support holds. Break of 1.3585 will resume the rebound from 1.3176 for 1.3897 resistance.

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.

In the longer term picture, price actions from 1.4689 (2016 high) are seen as a consolidation pattern, 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 1.2947 resistance turned support holds.

USD/CAD’s up trend continued last week and hit as high as 1.3611. Initial bias stays on the upside this week for long term fibonacci level at 1.3650. Break there will target 161.8% projection of 1.2005 to 1.2947 from 1.2401 at 1.3925. On the downside, below 1.3407 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, up trend from 1.2005 (2021 low) is still in progress. Next target is 61.8% retracement of 1.4667 to 1.2005 (2021 low) at 1.3650. Sustained break there will target 1.4667 (2020 high). This will now remain the favored case as long as 1.2947 resistance turned 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 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.

Daily Pivots: (S1) 1.3584; (P) 1.3612; (R1) 1.3642; More….

USD/CAD is staying in range below 1.3668 and intraday bias remains neutral. Further rise is expected with 1.3521 support intact. Corrective pattern from 1.3976 could have completed with three waves to 1.3299. On the upside, above 1.3668 will target 1.3860/3976 resistance zone. However, firm break of 1.3521 will dampen this bullish view and bring deeper fall back towards 1.3299 support instead.

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 W EMA (now at 1.3302) is needed to confirm medium term topping. Otherwise, outlook will remain bullish even in case of deep pull back.

USD/CAD’s strong rise last week confirms short term bottoming after strong support from 1.2048/61 support zone. Initial bias stays on the upside this week for 1.2653 resistance first. Firm break there should confirm near term bullish reversal and target 38.2% retracement of 1.4667 to 1.2005 at 1.3022 next. On the downside, below 1.2337 minor support will 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). It might 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. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

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. However, sustained break of 1.2061 will be a sign of long term bearishness. Deeper fall would be seen to 61.8% retracement at 1.1424 and below.

USD/CAD’s fall from 1.3564 resumed last week and dropped to low as 1.3151. As a temporary low was formed, initial bias is neutral this week for some consolidations first. Upside of recovery should be limited well below 1.3432 resistance to bring fall resumption. On the downside, break of 1.3151 will target 1.3052/68 cluster support.

In the bigger picture, medium term outlook stays neutral for now even though the case of bearish reversal is building up. Decisive break of 1.3068 cluster support (38.2% retracement of 1.2061 to 1.3664 at 1.3052) will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next. On the upside, sustained break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685, is needed to confirm resumption of up trend from 1.2061 (2017 low). Otherwise, risk will stay on the downside.

In the longer term picture, outlook remains unchanged that price actions from 1.4689 (2016 high) are forming a corrective pattern. Rejection by 1.3793 resistance would raise the chance of lengthier extension, with risk of dropping through 1.2061 low before completion.

Daily Pivots: (S1) 1.2560; (P) 1.2582; (R1) 1.2626; More…

Intraday bias in USD/CAD remains neutral and outlook is unchanged. Further rally is still expected 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) 1.3123; (P) 1.3149; (R1) 1.3185; More…

USD/CAD edges higher again and breaches 1.3170 but upside momentum remains unconvincing. Nonetheless, we’re staying cautiously bullish in the pair. The corrective pull back from 1.3385 should have completed at 1.2961 already. Further rise should be seen to 1.3289 resistance for confirmation. Break there will also likely resume larger rise from 1.2061 through 1.3385 high. On the downside, though, break of 1.3049 minor support will dampen this bullish view and turn focus back to 1.2961 low instead.

In the bigger picture, as long as channel support (now at 1.2958) 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) 1.3524; (P) 1.3568; (R1) 1.3650; More….

USD/CAD recovered quickly after dipping to 1.3483 and intraday bias is turned neutral first. On the upside, break of 1.3704 will resume the rebound form 1.3224 to retest 1.3976 high. On the downside, break of 1.3483 will turn bias back to the downside for 1.3224 support zone.

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) 1.3157; (P) 1.3177; (R1) 1.3194; More…

Intraday bias in USD/CAD remains neutral for consolidation below 1.3208. Downside of retreat should be contained well above 1.3042 to bring another rise. On the upside, break of 1.3042 will target 1.3347 resistance next.

In the bigger picture, 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 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) 1.3581; (P) 1.3648; (R1) 1.3701; More…

No change in USD/CAD’s outlook. Stronger support is still expected from 38.2% retracement of 1.3091 to 1.3897 at 1.3589 to contain downside and bring rebound. Break of 1.3711 minor resistance will turn bias back to the upside for retesting 1.3897. However, sustained break of 1.3589 will indicate that deeper correction is underway to 61.8% retracement at 1.3399 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.