Daily Pivots: (S1) 1.3329; (P) 1.3366; (R1) 1.3387; More…

USD/CAD continues to gyrate in range below 1.3467 and intraday bias remains neutral. More sideway consolidation could be seen. Current development suggests that rise from 1.3068 is not finished, and further rise is in favor as long as 1.3250 support holds. On the upside, firm break of 1.3467 will confirm this case and target 1.3664 resistance next. However, decisive break of 1.3250 will turn bias back to the downside for 1.3068/3112 support zone instead.

In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3212). Thus, even though upside momentum and structure are unconvincing, further rise is still in favor. Decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 will pave the way to retest 1.4689 (2015 high). However, firm break of the channel support should indicate bearish reversal, after rejection by 1.3793, and bring deeper fall to 1.3068 support for confirmation.

Daily Pivots: (S1) 1.2719; (P) 1.2771; (R1) 1.2856; More….

Intraday bias in USD/CAD remains on the upside at this point. Rebound from 1.2588 short term bottom in in progress for 1.2957/94 resistance zone next. Decisive break there will argue that it’s corrective whole down trend from 1.4667. Further rise would be seen to 1.3389 cluster resistance (38.2% retracement of 1.4667 to 1.2588 at 1.3382). On the downside, 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) 1.3417; (P) 1.3453; (R1) 1.3478; More….

Intraday bias in USD/CAD is back on the downside with breach of 1.3405 support. Fall from 1.3860 is likely resuming and further decline should be seen to 1.3224/61 support zone. As the decline is seen as the third leg of the corrective pattern from 1.3976, strong support should be seen around 1.3224/61 to bring rebound. On the upside, break of 1.3552 will turn bias back to the upside for 1.3860 resistance.

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) 1.3246; (P) 1.3288; (R1) 1.3340; More…

USD/CAD’s break of 1.3318 suggests that rise from 1.2781 has resumed. Intraday bias is back on the upside for 1.3385 key resistance. As upside momentum is rather unconvincing for now, we’d be cautious on topping around 1.3385 to bring near term reversal. On the downside, break of 1.3187 support will argue that rise from 1.2781 has completed. And intraday bias would be turned back to the downside for 55 day EMA (now at 1.3123) first. Nevertheless, strong break of 1.3385 will confirm medium term up trend resumption.

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) 1.3187; (P) 1.3240; (R1) 1.3320; More…

Intraday bias in USD/CAD remains on the upside for 1.3385 resistance. Decisive break there would resume larger rally from 1.2061 to 1.3685 fibonacci level. In case of another fall, we’d still expect strong support from 1.3067 resistance turned support to contain downside.

In the bigger picture, as long as channel support (now at 1.2870) 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. 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) 1.3355; (P) 1.3387; (R1) 1.3422; More….

Intraday bias in USD/CAD remains neutral at this point. Further rise is expected as long as 1.3171 support holds. Break of 1.3418 will resume the rise from 1.2994 short term bottom, and target 38.2% retracement of 1.4667 to 1.2994 at 1.3633, to correct the whole fall from 1.4667. However, on the downside, break of 1.3171 will argue that the rebound has completed, and turn bias back to the downside for retesting 1.2994.

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) 1.2729; (P) 1.2775; (R1) 1.2864; More…

Intraday bias in USD/CAD remains neutral as range trading continues. On the upside, break of 1.2876 will resume the rally from 1.2448 to 1.2963 resistance. On the downside, break of 1.2586 will target 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) 1.3157; (P) 1.3183; (R1) 1.3229; More….

Intraday bias in USD/CAD stays neutral at this point. With 1.3086 minor support intact, further rise is in favor. On the upside, break of 1.3259 will resume the rebound from 1.2994 short term bottom, targeting 38.2% retracement of 1.4667 to 1.2994 at 1.3633, to correct the whole fall from 1.4667. However, on the downside, break of 1.3086 will bring retest of 1.2994 low 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 of 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

Daily Pivots: (S1) 1.3030; (P) 1.3083; (R1) 1.3111; More…

Intraday bias in USD/CAD remains neutral for the moment. With 1.3035 minor support intact, we’re favoring the bullish case. That is, correction from 1.3385 should have completed with three waves down to 1.2961. Above 1.3170 will target 1.3289 resistance first. Break there will 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 1.2950) 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) 1.3213; (P) 1.3250; (R1) 1.3298; More…

USD/CAD recovered ahead of 1.3180 and intraday bias is turned neutral first. Consolidation from 1.3180 might extend. But further decline is still expected as long as 1.3375 resistance holds. On the downside, break of 1.3180 will resume the fall from 1.3664 to 61.8% projection of 1.3664 to 1.3180 from 1.3375 at 1.3076 next.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) 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 1.3036) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

Daily Pivots: (S1) 1.3304; (P) 1.3325; (R1) 1.3341; More…

USD/CAD is still staying in consolidation from 1.3345 and intraday bias remains neutral. Despite today’s dip, further rise is still expected with 1.3177 support intact. On the upside, break of 1.3345 will extend the rebound from 1.3016 to 1.3564/3664 resistance zone. On the downside, however, break of 1.3177 support will turn bias back to the downside for retesting 1.3016 low instead.

In the bigger picture, focus stays on 1.3068 cluster support (38.2% retracement of 1.2061 to 1.3664 at 1.3052). Strong rebound from there will retain medium term bullish. But 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, medium term outlook will stay neutral first. Decisive 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) 1.2920; (P) 1.2962; (R1) 1.2996; More…..

Intraday bias in USD/CAD remains neutral at this point. For now, as long as 1.2728 support holds, we’ll stay slightly bullish in the pair and expect further rally. Above 1.3046 will resume the rise from 1.2526 and target 1.3124 high next. Nonetheless, break of 1.2728 will indicate completion of the rebound from 1.252. And in that case, deeper fall would be seen back to 1.2526 and below.

In the bigger picture, we’re favoring the case that that rebound from 1.2061 has not completed yet. But there is no follow through upside momentum so far. Focus remains 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. However, break of 1.2526 support will dampen this bullish view again. And, focus will be back on 1.2061 key support level, which is close to 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048.

USD/CAD rose to 1.3104 last week but failed to sustain above 1.3102 support turned resistance and retreated. Outlook is unchanged that it’s in consolidation and larger decline is expected to continue. Initial bias is neutral this week first. On the downside, break of 1.2951 will turn bias to the downside for 100% projection of 1.3564 to 1.3016 from 1.3327 at 1.2779 next. However, sustained break of 1.3102 will confirm short term bottoming and target 55 day EMA (now at 1.3149) and above.

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) 1.2654; (P) 1.2699; (R1) 1.2738; More….

Intraday bias in USD/CAD remains neutral at this point. Outlook will stays bearish as long as 1.2797 resistance holds. On the downside, break of 1.2629 will resume the larger down trend from 1.4667 to 100% projection of 1.3172 to 1.2688 from 1.2957 at 1.2473 next. However, considering bullish convergence condition in 4 hour MACD, break of 1.2797 resistance will indicate short term bottoming. Intraday bias will be turned back to the upside for rebound, to 1.2957 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 1.3389 resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.

Daily Pivots: (S1) 1.3474; (P) 1.3530; (R1) 1.3575; More….

Intraday bias in USD/CAD remains on the downside at this point. Decline from 1.4667 is in progress and should target 100% projection of 1.4667 to 1.3855 from 1.4048 at 1.3236 next. On the upside, break of 1.3832 resistance is needed to indicate short term topping. Otherwise, outlook will stay mildly bearish in case of recovery.

In the bigger picture, current development suggests that whole rise from 1.2061 (2017 low) has completed at 1.4667, after failing (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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds.

Daily Pivots: (S1) 1.3551; (P) 1.3585; (R1) 1.3625; More…

Intraday bias in USD/CAD remains neutral at this point as range trading continues. On the upside, firm break of 1.3265 minor resistance will confirm short term bottoming at 1.3479. More importantly, whole correction from 1.3897 could have completed too. Intraday bias will be back on the upside for strong rally back to 1.3853/3897 resistance zone. However, break of 1.3544 minor support will turned bias back to the downside for 1.3479 and below, to resume the decline from 1.3897.

In the bigger picture, rise from 1.3091 is seen as the fifth leg of the whole rise from 1.2005 (2021 low). Further rally is expected as long as 1.3378 support holds, to 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. However, decisive break of 1.3378 will dampen this view and bring deeper fall back to 1.3091 instead.

Daily Pivots: (S1) 1.3159; (P) 1.3181; (R1) 1.3203; More…

USD/CAD rebounds strongly in early US session, and dampens the original bearish view. However, it’s staying well below 1.3327 resistance. Intraday bias is turned neutral first. On the upside, break of 1.3327 will resume the rise form 1.3042 and target 1.3382 key structural resistance next. on the downside, through, break of 1.3158 will extend the fall from 1.3327 to retest 1.3042 low.

In the bigger picture, 38.2% retracement of 1.2061 to 1.364 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) 1.3196; (P) 1.3216; (R1) 1.3249; More…

Intraday bias in USD/CAD is turned neutral first with current recovery. On the downside, break of 1.3176 will resume the fall from 1.3897 to 1.3091 support and possibly below. Nevertheless, considering bullish convergence condition in 4H MACD, break of 1.3284 will indicate short term bottoming, and turn bias back to the upside for stronger rebound.

In the bigger picture, outlook is mixed up by deeper then expected fall from 1.3897. But after all, price actions from 1.3976 (2022 high) are viewed as a corrective pattern that’s in progress. Larger up trend from 1.2005 (2021 low) is still expected to resume at a later stage as long as 1.2947 resistance turned support holds.

USD/CAD rebounded strongly last week but failed to break through 1.3540 resistance decisively. Initial bias remains neutral this week for more consolidations first. Further rise is mildly in favor as long as 1.3357 support holds. On the upside, decisive break of 1.3540/3 will resume the rise from 1.3176. That will also revive that case that whole fall from 1.3897 has completed, and target this resistance. Nevertheless, firm break of 1.3357 support will argue that rebound from 1.3176 has completed, and target this low for resuming whole fall from 1.3897.

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.

Daily Pivots: (S1) 1.3342; (P) 1.3366; (R1) 1.3414; More….

USD/CAD is staying in consolidation from 1.3464 and intraday bias remains neutral. Downside of retreat should be contained above 1.3202 support to bring another rise. On the upside, break of 1.3464 will target 100% projection of 1.2951 to 1.3329 from 1.3202 at 1.3580 next.

In the bigger picture, price actions from 1.3664 (2018 high) are seen as a corrective move that has likely completed. Rise from 1.2061 (2017 low) might be ready to resume. Decisive break 1.3664 will target 61.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.3941 next. For now, this will remain the favored case as long as 1.3202 support holds, in case of deep pull back.