USD/CAD edged lower to 1.2629 last week as down trend resumed. But it quickly lost momentum and recovered. Initial bias is neutral this week for some consolidations first. 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.

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.

Daily Pivots: (S1) 1.2657; (P) 1.2695; (R1) 1.2727; More….

With 1.2797 minor resistance intact, further decline is still expected in USD/CAD. Current down trend from 1.4667 should target 100% projection of 1.3172 to 1.2688 from 1.2957 at 1.2473 next. Nevertheless, 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) 1.2632; (P) 1.2678; (R1) 1.2726; More….

Intraday bias in USD/CAD remains on the downside at this point. Current down trend from 1.4667 should target 100% projection of 1.3172 to 1.2688 from 1.2957 at 1.2473 next. On the upside, above 1.2797 minor resistance will turn intraday bias neutral again. But outlook will remain bearish as long as 1.2957 resistance holds.

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) 1.2619; (P) 1.2706; (R1) 1.2755; More….

USD/CAD’s decline resumed after brief recovery and intraday bias is back on the downside. Current down trend from 1.4667 should target 100% projection of 1.3172 to 1.2688 from 1.2957 at 1.2473 next. On the upside, above 1.2797 minor resistance will turn intraday bias neutral again. But outlook will remain bearish as long as 1.2957 resistance holds.

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) 1.2699; (P) 1.2749; (R1) 1.2832; More….

USD/CAD recovered quickly after hitting 1.2663 and intraday bias is turned neutral first. Outlook remains bearish with 1.2957 resistance intact. Below 1.2663 will resume larger fall from 1.4667 to 100% projection of 1.3172 to 1.2688 from 1.2957 at 1.2473. However, break of 1.2957 will indicate short term bottoming and turn bias back to the upside for rebound.

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) 1.2714; (P) 1.2728; (R1) 1.2745; More….

USD/CAD’s break of 1.2688 low suggests down trend resumption. Intraday bias is back on the downside. Fall from 1.4677 should target 100% projection of 1.3172 to 1.2688 from 1.2957 at 1.2473. In any case, break of 1.2957 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.

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) 1.2714; (P) 1.2728; (R1) 1.2745; More….

USD/CAD is still holding above 1.2688 low with current decline. Intraday bias remains neutral first. On the downside, decisive break of 1.2688 will resume larger down trend form 1.4677. Next near term target will be 100% projection of 1.3172 to 1.2688 from 1.2957 at 1.2473. On the upside, break of 1.2957 resistance will turn bias back 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). 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) 1.2781; (P) 1.2818; (R1) 1.2857; More….

Intraday bias in USD/CAD stays neutral first. On the upside, break of 1.2957 will resume the rebound from 1.2688 short term bottom, for 1.3172 resistance. On the downside, decisive break of 1.2688 will resume larger down trend instead.

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) 1.2815; (P) 1.2846; (R1) 1.2877; More….

Intraday bias in USD/CAD remains neutral for the moment. Another rise is mildly in favor with a short term bottom in place at 1.2688. On the upside, above 1.2957 will target 1.3172 resistance first. Break there will extend the rebound to 1.3389 key structural resistance next.

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) 1.2827; (P) 1.2877; (R1) 1.2924; More….

Intraday bias in USD/CAD is turned neutral as it retreated after hitting 1.2957. Another rise is mildly in favor with a short term bottom in place at 1.2688. On the upside, above 1.2957 will target 1.3172 resistance first. Break there will extend the rebound to 1.3389 key structural resistance next.

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) 1.2857; (P) 1.2896; (R1) 1.2947; More….

Intraday bias in USD/CAD says mildly on the upside. A short term bottom was formed at 1.2668 on bullish convergence condition in 4 hour MACD. Further rise would be seen to 55 day EMA and break will target 1.3172 resistance. On the downside, break of 1.2688 low is now needed to confirm down trend resumption. Otherwise, risk will be mildly on the upside for more correction.

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) 1.2775; (P) 1.2866; (R1) 1.2950; More….

Intraday bias in USD/CAD remains mildly on the upside at this point. A short term bottom was formed at 1.2668 on bullish convergence condition in 4 hour MACD. Further rise would be seen to 55 day EMA and break will target 1.3172 resistance. On the downside, break of 1.2688 low is now needed to confirm down trend resumption. Otherwise, risk will be mildly on the upside for more correction.

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) 1.2734; (P) 1.2767; (R1) 1.2815; More….

USD/CAD’s breach of 1.2928 support turned resistance suggests short term bottoming at 1.2688, on bullish convergence condition in 4 hour MACD. Intraday bias is mildly on the upside. Break of 55 day EMA will target 1.3172 resistance. On the downside, break of 1.2688 low is now needed to confirm down trend resumption. Otherwise, risk will be mildly on the upside for more correction.

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) 1.2734; (P) 1.2767; (R1) 1.2815; More….

USD/CAD’s rebound from 1.2688 extends higher today, but stays below 1.2928 support turned resistance so far. Intraday bias remains neutral first. Outlook stays bearish for now and another decline is expected. On the downside, break of 1.2688 will resume larger down trend from 1.4677. However, on the upside, decisive break of 1.2928 should confirm short term bottoming, on bullish convergence condition in 4 hour MACD. Bias will be turned back to the upside for 55 day EMA (now at 1.3003) first.

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.

USD/CAD edged lower to 1.2688 last week but turned into sideway consolidation since then. Initial bias remains neutral this week for some more sideway trading first. Still, outlook remains bearish as long as 1.2928 support turned resistance holds. Break of 1.2688 will resume larger down trend from 1.4677. Next near term target is 161.8% projection of 1.3389 to 1.2928 from 1.3172 at 1.2426.

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.

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.

Daily Pivots: (S1) 1.2691; (P) 1.2721; (R1) 1.2753; More….

USD/CAD is staying in consolidation from 1.2668 temporary low and intraday bias remains neutral. In case of another recovery, upside should be limited by 1.2928 support turned resistance. On the downside, break of 1.2688 will resume recent down trend for 161.8% projection of 1.3389 to 1.2928 from 1.3172 at 1.2426.

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) 1.2693; (P) 1.2742; (R1) 1.2786; More….

Intraday bias in USD/CAD remains neutral at this point and some more consolidations could be seen. In case of another recovery, upside should be limited by 1.2928 support turned resistance. On the downside, break of 1.2688 will resume recent down trend for 161.8% projection of 1.3389 to 1.2928 from 1.3172 at 1.2426.

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) 1.2668; (P) 1.2720; (R1) 1.2752; More….

USD/CAD breached 1.2706 temporary low briefly but quickly recovered. Intraday bias remains neutral first. Outlook stays bearish with 1.2928 support turned resistance intact. Firm break of 1.2706 will confirm down trend resumption for target 161.8% projection of 1.3389 to 1.2928 from 1.3172 at 1.2426.

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) 1.2728; (P) 1.2759; (R1) 1.2798; More….

USD/CAD is staying in consolidation above 1.2706 temporary low and intraday bias remains neutral first. In case of another recovery, upside should be limited by 1.2928 support turned resistance to bring fall resumption. On the downside, firm break of 1.2706 will target 161.8% projection of 1.3389 to 1.2928 from 1.3172 at 1.2426.

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) 1.2726; (P) 1.2759; (R1) 1.2799; More….

Intraday bias in USD/CAD remains neutral for some consolidations first. Upside of recovery should be limited by 1.2928 support turned resistance to bring fall resumption. On the downside, firm break of 1.2706 will target 161.8% projection of 1.3389 to 1.2928 from 1.3172 at 1.2426.

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.