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) 1.3488; (P) 1.3504; (R1) 1.3521; More….

Intraday bias in USD/CAD remains neutral and outlook is unchanged. Overall, the pair is seen as extending the triangle consolidation pattern from 1.3976. Above 1.3566 will resume the rebound from 1.3313 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 1.3333) 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) 1.3338; (P) 1.3372; (R1) 1.3414; More….

Intraday bias in USD/CAD remains neutral for the moment and outlook is unchanged. On the downside, firm break of 1.3315 will resume the whole decline from 1.4667 for 1.3056 long term retracement level. However, firm break of 1.3490 will suggest completion of the fall from 1.3715. Intraday bias will be turned back to the upside for this resistance instead.

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) 1.3181; (P) 1.3210; (R1) 1.3258; More…

USD/CAD’s break of 1.3225 minor resistance suggests that pull back from 1.3340 has completed at 1.3150. Intraday bias is turned back to the upside for for 1.3340 first. Break of 1.3340 will resume the rebound from 1.3068 towards 1.3664 high. On the downside, below 1.3150 will turn focus to 1.3068 low.

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 1.3109) 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) 1.2988; (P) 1.3019; (R1) 1.3055; More…

Range trading continues in USD/CAD and intraday bias remains neutral. Further rise is mildly in favor with 1.2818 support intact. On the upside, break of 1.3082 and sustained trading above 1.3022 fibonacci level will carry larger bullish implications, and bring up trend resumption. Next target is 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343. On the downside, break of 1.2818 minor support will bring deeper fall back to 1.2516 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.

Daily Pivots: (S1) 1.3310; (P) 1.3353; (R1) 1.3404; More….

Intraday bias in USD/CAD remains neutral for the moment. Overall, fall from 1.3860 is seen as the third leg of the corrective pattern from 1.3976. In case of another decline, down side should be contained by 1.3224/61 support zone to bring rebound. Break of 1.3552 should turn bias back to the upside for stronger rally.

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 1.3282) is needed to confirm medium term topping. Otherwise, outlook will remain bullish even in case of deep pull back.

Daily Pivots: (S1) 1.3047; (P) 1.3096; (R1) 1.3129; More…

Intraday bias in USD/CAD remains neutral at this point. On the upside, break of 1.3145 resistance will indicate short term bottoming, with bullish convergence condition in 4 hour MACD. Further rise should then be seen to 1.3239 support turned resistance. On the downside, sustained trading below 1.3052/68 cluster support will carry larger bearish implication, and bring further fall to 1.2673 fibonacci level next.

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.

Daily Pivots: (S1) 1.3203; (P) 1.3261; (R1) 1.3367; More…

Intraday bias in USD/CAD remains on the upside at this point. Current rise from 1.2781 is in progress for 1.3385 resistance. Decisive break there will resume larger up trend from 1.2061 to 1.3685 fibonacci level next. On the downside, break of 1.3141 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

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) 1.3292; (P) 1.3312; (R1) 1.3353; More….

USD/CAD’s break of 1.3329 suggests resumption of whole rally from 1.2951. Current development also affirm the case that triangle consolidation pattern from 1.3664 has completed at 1.2951. Intraday bias is now on the upside for 61.8% projection of 1.2951 to 1.3329 from 1.3202 at 1.3436 first. Break will target 100% projection at 1.3580 next. For now, near term outlook will remain bullish as long as 1.3202 support holds, in case of retreat.

In the bigger picture, price actions from 1.3664 (2018 high) is seen as a corrective move that has probably completed. Rise from 1.2061 (2017 low) might be ready to resume. Decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will pave the way to retest 1.4689 high. However, break of 1.3202 support could extend the corrective with another fall through 1.2951 before completion.

Daily Pivots: (S1) 1.2663; (P) 1.2695; (R1) 1.2755; More…

USD/CAD edged lower to 1.2634 but quickly recovered. Intraday bias remains neutral first. Further rise remains mildly in favor. On the upside, break of 1.2795 will resume the rally from 1.2448 to 1.2963 resistance next. However, break of 1.2634 support will turn bias back to the downside for 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) 1.3022; (P) 1.3082; (R1) 1.3118; More….

USD/CAD is staying in consolidation from 1.2944 and intraday bias remains neutral first. With 1.3239 resistance intact, further decline is in favor. 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.

Daily Pivots: (S1) 1.3193; (P) 1.3259; (R1) 1.3306; More….

USD/CAD’s decline continues today and reaches as low as 1.3164 so far. The strong break of 1.3222 support as well ass the medium term channel support affirms our bearish view. That is, corrective rise from 1.2460 has already completed at 1.3793. Intraday bias stays on the downside for next key level at 1.2968 (38.2% retracement of 1.2460 to 1.3793 at 1.2969). On the upside, above 1.3245 minor resistance will turn bias neutral and bring consolidations. But upside should be limited by 1.3387 support turned resistance and bring fall resumption.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. Rise from 1.2460 is seen as the second leg and has completed at 1.3793, ahead of 61.8% retracement of 1.4689 to 1.2460 at 1.3838. Break of 1.3222 should now indicate the start of the third leg while further break of 1.2968 should confirm. In that case, USD/CAD should decline through 1.2460 support to 50% retracement of 0.9406 to 1.4869 at 1.2048.

Daily Pivots: (S1) 1.2854; (P) 1.2885; (R1) 1.2906; More…

Break of 1.2859 minor support suggest that deeper correction is underway in USD/CAD. Intraday bias is back on the downside for 55 day EMA (now at 1.2789. Sustained break there will target 1.2516 support next. On the upside, break of 1.3077 and sustained trading above 1.3022 fibonacci level will carry larger bullish implications, and bring up trend resumption.

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.

Daily Pivots: (S1) 1.2892; (P) 1.2960; (R1) 1.3000; More…..

Intraday bias in USD/CAD remains neutral at this point. As long as 1.2817 minor support holds, near term outlook remains cautiously bullish and further rise is in favor. Above 1.3066 will resume the rise from 1.2526 and target 1.3124 key resistance next. However, break of 1.2817 will indicate near term reversal and turn bias to the downside for 1.2728 support 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.

Daily Pivots: (S1) 1.3207; (P) 1.3234; (R1) 1.3282; More…

Intraday bias in USD/CAD remains neutral at this point. With 1.3141 support intact, further rise is expected in the pair. On the upside, break of 1.3318 will extend the rally from 1.2781 to 1.3385 key resistance next. On the downside, break of 1.3141, however, will indicate short term topping and turn bias to the downside for 1.3056 support first.

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) 1.2420; (P) 1.2488; (R1) 1.2525; More….

USD/CAD is still staying in range above 1.2354 and intraday bias remains neutral. More consolidative trading could be seen in near term. But still, as As long as 1.2623 support turned resistance holds, deeper decline is expected. Break of 1.2354 will extend the fall from 1.2910 to retest 1.2061 low. However, sustained break of 1.2623 will argue that the fall has completed and turn bias back to the upside for 1.2919 resistance.

In the bigger picture, current development argues that rebound from 1.2061 has completed at 1.2919, rejected by 55 week EMA (now at 1.2850) and kept below 38.2% retracement of 1.4689 to 1.2061 at 1.3065. The development also suggests that long term fall from 1.4689 is not completed yet. Decisive break of 1.2061 low will target 61.8% retracement of 0.9406 to 1.4689 at 1.1424. This will now be the favored case as long as 1.2919 resistance holds.

Daily Pivots: (S1) 1.4006; (P) 1.4051; (R1) 1.4093; More….

Intraday bias in USD/CAD remains neutral and outlook is unchanged. 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) 1.3323; (P) 1.3354; (R1) 1.3414; More….

USD/CAD’s rebound from 1.2994 is still in progress and intraday bias remains on the upside. Further rise should be seen to 38.2% retracement of 1.4667 to 1.2994 at 1.3633. At this point, we’re viewing the rebound as a corrective move. Hence, we’d look for topping sign around there. On the downside, below 1.3283 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). 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) 1.3722; (P) 1.3788; (R1) 1.3862; More…

Intraday bias in USD/CAD stays on the upside with 1.3701 minor support intact. Current up trend should target 161.8% projection of 1.2005 to 1.2947 from 1.2401 at 1.3925. Decisive break there will target 200% projection at 1.4285. On the downside,e below 1.3701 minor support will turn intraday bias neutral first. but outlook will stays bullish as long as 1.3501 support holds, in case of retreat.

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) 1.2507; (P) 1.2551; (R1) 1.2627; More…

Intraday bias in USD/CAD remains on the upside for the moment. As noted before, fall from 1.2947 might have completed with three waves down to 1.2286. Further rally would be seen back to retest 1.2894/2947 resistance zone. On the downside, however, break of 1.2478 minor support will mix up near term outlook and turn intraday bias neutral again first.

In the bigger picture, medium term outlook is neutral for now. The pair draw support from 1.2061 cluster and rebounded. Yet, upside was limited below 38.2% retracement of 1.4667 to 1.2005 at 1.3022. On the upside, firm break of 1.3022 should affirm the case of medium term bullish reversal. However, break of 1.2286 will turn focus back to 1.2005 low again.