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.

Daily Pivots: (S1) 1.2838; (P) 1.2887; (R1) 1.2915; More…

USD/CAD is losing some downside momentum as seen in 4 hour MACD. But further decline is expected with 1.2988 minor resistance intact. On the downside, break of 1.2818 support will bring deeper fall back to 1.2516 key support. On the upside, above 1.2988 minor resistance will 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) 1.3195; (P) 1.3232; (R1) 1.3262; More….

USD/CAD’s break of 1.3278 minor resistance suggests that corrective fall from 1.3329 has completed. Intraday bias is turned back to the upside for 1.3327/29 resistance zone. Decisive break there should confirm completion of consolidation pattern from 1.3664. Further rise should be seen to retest 1.3664 high. On the downside, break of 1.3202 will extend the correction. But downside should be contained above 1.3104 resistance turned support to bring rebound.

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 1.3104 resistance turned support will extend the corrective with another fall through 1.2951 before completion.

Daily Pivots: (S1) 1.3258; (P) 1.3309; (R1) 1.3348; More….

Intraday bias in USD/CAD remains neutral and further fall is expected with 1.3459 resistance intact. On the downside, break of 1.3233 will resume the fall from 1.4667 and target long term fibonacci level at 1.3056. However, firm break of 1.3459 will indicate short term bottoming, and turn bias back to the upside for 1.3715 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 1.3715 resistance holds. However, sustained break of 1.3715 will turn focus back to 1.4689 key resistance.

USD/CAD’s up trend continued last week and hit as high as 1.3976. As a temporary top was formed, initial bias is neutral this week for some consolidations. Outlook will stay bullish as long as 1.3501 support holds. Firm break of 1.3976 will 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.

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) 1.3605; (P) 1.3626; (R1) 1.3664; More….

Intraday bias in USD/CAD remains on the upside at this point. Break of 1.3666 resistance will extend the rise from 1.3313 to 1.3860 resistance next. Price actions from 1.3976 are seen as a triangle consolidation pattern. Firm break of 1.3860 will argue that larger up trend is ready to resume through 1.3976 high. Nevertheless, break of 1.3483 minor support will turn intraday bias neutral again.

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) 1.2902; (P) 1.2931; (R1) 1.2951; More….

USD/CAD’s decline is still in progress and intraday bias stays on the downside. Next near target will be 61.8% projection of 1.3389 to 1.2928 from 1.3172 at 1.2887, and then 100% projection at 1.2711. On the upside, above 1.3025 minor resistance will delay the bearish case, and turn 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). Rejection by 55 week EMA is keeping outlook bearish. 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 1.3389 resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.

Daily Pivots: (S1) 1.2597; (P) 1.2651; (R1) 1.2753; More…

USD/CAD’s break of 1.2685 minor resistance suggest that a short term bottom is formed at 1.2516, well ahead of 1.2401 support. Intraday bias is back on the upside for rebound. Sustained trading above 55 day EMA (now at 1.2714) will bring further rally to retest 1.3075 high. On the downside, break of 1.2516 will target 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.

Daily Pivots: (S1) 1.2977; (P) 1.3027; (R1) 1.3062; More…

USD/CAD retreated after edging higher to 1.3074 and intraday bias is turned neutral. Further rally is in favor as long as 1.2893 support holds. Above 1.3074 will resume the rise from 1.2726 to retest 1.3222 high. Decisive break there will resume larger up trend. However, break of 1.2893 will turn bias back to the downside for 1.2726 support 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) 1.3417; (P) 1.3480; (R1) 1.3552; More…

USD/CAD’s rally is still in progress and intraday bias stays on the upside. Current up trend should target medium term fibonacci level at 1.3650. On the downside, below 1.3343 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

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 1.2716 support holds.

Daily Pivots: (S1) 1.3637; (P) 1.3667; (R1) 1.3699; More…

Intraday bias in USD/CAD remains on the downside as fall from 1.3845 short term top is in progress. Next target is 55 D EMA (now at 1.3600). On the upside, above 1.3730 minor resistance will turn bias back to the upside for retesting 1.3845 instead.

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. Firm break of 1.3976 will confirm up resumption of whole up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3176 at 1.4149.

Daily Pivots: (S1) 1.2898; (P) 1.2945; (R1) 1.3020; More…..

At this point, USD/CAD is staying below 1.2996 resistance. Thus, intraday bias remains neutral first. Overall, we’re holding on to the bullish view that rises from 1.2526, 1.2246, 1.2061 are not completed yet. Break of 1.2996 should confirm our view. In that case, intraday bias will be turned back to the upside for 1.3124 high next. Nonetheless, break of 1.2728 will dampen this bullish view and bring deeper fall back to 1.2526 and possibly below.

In the bigger picture, we’re favoring the case that that rebound from 1.2061 has not completed yet. Focus is back 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/CHF’s recovery from 0.9879 extended to 1.0046 last week but formed a temporary top there and retreated. Initial bias is neutral for some consolidations first. Further rise is mildly in favor as long as 0.9977 minor support holds. Above 1.0046 will extend the rise towards 1.0124/8 key resistance zone. As the structure of the rise is corrective looking, we’d expect strong resistance from 1.0124 to limit upside to bring another reversal. On the downside, below 0.9977 minor support will turn bias to the downside for 0.9879 support.

In the bigger picture, loss of upside momentum is seen is bearish divergence in daily MACD. But there is no clear sign of bearish reversal in USD/CHF yet. Rise fro 0.9186 is likely still in progress. Decisive break of 1.0128 resistance will resume this medium term rally to 1.0342 resistance next. This will remain the preferred case now, as long as 0.9716 support holds.

In the long term picture, price actions from 0.7065 (2011 low) are not clearly impulsive yet. Thus, we’ll treat it as developing into a corrective pattern, at least, until a firm break of 1.0342 resistance.

Daily Pivots: (S1) 1.3770; (P) 1.3816; (R1) 1.3870; More….

Intraday bias in USD/CAD remains neutral as consolidation from 1.3860 continues. Downside of retreat should be contained by 1.3664 resistance turned support to bring another rally. Break of 1.3860 will resume the rally from 1.3261 to retest 1.3976 high. However, firm break of 1.3664 will mix up the near term outlook and bring deeper pullback 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) 1.3285; (P) 1.3302; (R1) 1.3325; More….

USD/CAD is losing some upside momentum as seen in 4 hour MACD. But intraday bias stays on the upside with 1.3262 minor support intact. As noted before, corrective pattern from 1.3664 should have completed as a triangle at 1.2951. Sustained break of 1.3327 resistance should confirm this bullish case and pave the way for retest of 1.3664 high. On the downside, below 1.3262 minor support will turn intraday bias neutral for consolidation first, before staging another rally.

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.

USD/CAD’s rise form 1.2726 extended to as high as 1.3207 last week, but retreated ahead of 1.3222 resistance. Initial bias is neutral this week first. Further rise is expected as long as 1.2971 support holds. Decisive break of 1.3222 will resume larger up trend from 1.2005. Next target is 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343.

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.

In the longer term picture, price actions from 1.4689 (2016 high) are seen as a consolidation pattern only. 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) 1.3194; (P) 1.3227; (R1) 1.3269; More…

Intraday bias in USD/CAD remains neutral and another rise is still expected with 1.3141 support intact. 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.

USD/CAD stayed in consolidation below 1.3976 last week and outlook is unchanged. Initial bias remains neutral this week first. Downside of retreat should be contained by 1.3501 support to bring another rally. On the upside, firm break of 1.3976 will 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.

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) 1.3299; (P) 1.3373; (R1) 1.3414; More….

Intraday bias in USD/CAD stays on the downside fall the momentum. Fall from 1.3860, which is seen as the third leg of the corrective pattern from 1.3976, is in progress for 1.3224/61 support zone. Strong support is expected there to complete the corrective pattern and bring rebound. On the upside, above 1.3405 support turned resistance will turn intraday bias neutral first. Further break of 1.3552 will indicate near term reversal.

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) 1.3012; (P) 1.3038; (R1) 1.3076; More…

Intraday bias in USD/CAD remains neutral for the moment. At this point, we’re we’re holding on to the view that correction from 1.3385 could have completed with three waves down to 1.2961. Thus, another rise is expected. On the upside, above 1.3119 will target 1.3289 resistance. Decisive break there will confirm an target 1.3385 and above. In case of another fall, we’d continue to expect strong support from rising channel line (now at 1.2941) to contain downside to bring rebound.

In the bigger picture, as long as channel support (now at 1.2941) 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.