Daily Pivots: (S1) 1.2475; (P) 1.2497; (R1) 1.2541; More…

Intraday bias in USD/CAD remains on the downside for the moment. As noted before, rise from 1.2286 is finished at 1.2963, and possibly the whole pattern from 1.2005 too. Deeper decline would be seen back to 1.2286 support first. Break there will target 1.2005 low. For now, risk will stay on the downside as long as 1.2812 resistance holds, in case of recovery.

In the bigger picture, focus will be 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 form 1.4667 and that carries larger bearish implications too.

USD/CAD’s fall from 1.3075 extended lower last week. Initial bias remains on the downside this week for 1.2401 support. Decisive break there will argue that whole rebound from 1.2005 has completed, after rejection by 1.3022 fibonacci resistance. Deeper fall would then be seen to retest this low. On the upside, above 1.2685 minor resistance will mix up the near term outlook and turn intraday bias neutral first.

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.

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. However, firm break of 1.2061 support will argue that USD/CAD has already started a long term down trend. Next target is 61.8% retracement of 0.9406 to 1.4689 at 1.1424.

Daily Pivots: (S1) 1.3602; (P) 1.3659; (R1) 1.1.3769; More….

USD/CAD recovered after drawing support from 1.3501 but stays well below 1.3976 resistance. Intraday bias remains neutral first, and further rise in favor as long as 1.3501 support holds. On the upside, decisive break of 1.3976 will resume larger up trend and target 200% projection of 1.2005 to 1.2947 from 1.2401 at 1.4285. On the downside, firm break of 1.3501 will bring deeper correction 55 day EMA (now at 1.3457) and below instead.

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) 1.3299; (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.

USD/CAD’s rally from 1.3091 resumed last week but retreated after hitting 1.3693. Initial bias remains neutral this week for some consolidations first. Outlook is unchanged that correction from 1.3976 has completed at 1.3091. Further rally is expected as long as 1.3488 support holds. Above 1.3693 will resume the rally from 1.3091 to 1.3860 resistance, and then 1.3976 high.

In the bigger picture, price actions from 1.3976 are viewed as a corrective pattern only. Upon completion, rise from 1.2005 (2021 low) would resume through 1.3976. Next target is 61.8% projection of 1.2005 to 1.3976 from 1.3091 at 1.4309. For now, this will remain the favored case as long as 55 D EMA (now at 1.3445) 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 55 M EMA (now at 1.3082) holds.

Daily Pivots: (S1) 1.2988; (P) 1.3019; (R1) 1.3055; More…

USD/CAD’s strong break of 1.3082 confirms up trend resumption . Intraday bias is back on the upside. Next target is 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343. For now, outlook will stay bullish as long as 1.2935 support intact, in case of retreat.

In the bigger picture, the firm break of 38.2% retracement of 1.4667 (2020 high) to 1.2005 (2021 low) at 1.3022 should confirm that down trend from 1.4667 has completed after defending 1.2061 long term cluster support. Further rise should be seen to 61.8% retracement at 1.3650 next. This will now remain the favored case as long as 1.2516 support holds.

Daily Pivots: (S1) 1.3085; (P) 1.3113; (R1) 1.3162; More…

Intraday bias in USD/CAD stays on the upside for 1.3222 resistance first. Firm break there 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. On the downside, below 1.3062 minor support will delay the bullish case and turn intraday bias neutral first.

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) 1.3518; (P) 1.3552; (R1) 1.3584; More….

Intraday bias in USD/CAD stays neutral as correction from 1.3693 is extending. Overall, further rally is expected as long as 1.3488 support holds. Above 1.3693 will resume the rally from 1.3091 to 1.3860 resistance, and then 1.3976 high. However, firm break of 1.3488 will turn bias to the downside for deeper decline.

In the bigger picture, price actions from 1.3976 are viewed as a corrective pattern only. Upon completion, rise from 1.2005 (2021 low) would resume through 1.3976. Next target is 61.8% projection of 1.2005 to 1.3976 from 1.3091 at 1.4309. For now, this will remain the favored case as long as 55 D EMA (now at 1.3465) holds.

Daily Pivots: (S1) 1.3781; (P) 1.3871; (R1) 1.4035; More….

USD/CAD’s rally extend further to 1.3961 and met 200% projection projection of 1.2951 to 1.3329 from 1.3202 at 1.3958. There is no clear sign of topping yet. Intraday bias stays on the upside for now. Next upside target is 261.8% projection at 1.4192. On the downside, though, break of 1.3707 minor support will indicate short term topping and bring lengthier consolidations first.

In the bigger picture, rise from 1.2061 (2016 low) is still in progress. Sustained break of 61.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.3941 will pave the way to 100% projection at 1.4554, which is close to 1.4689 (2016 high). For now, this will remain the favored case as long as 1.3329 resistance turned support holds, in case of deep pull back.

Daily Pivots: (S1) 1.2527; (P) 1.2558; (R1) 1.2616; More…

USD/CAD’s rebound from 1.2448 extends higher today. Break of 1.2619 support argues that pull back from 1.2963 has completed with three waves down to 1.2448. Intraday bias stays on the upside for 1.2812 resistance first, and then 1.2963. On the downside, below 1.2553 minor support will mix up the near term outlook and turn intraday bias neutral.

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 form 1.4667 and that carries larger bearish implications too.

Daily Pivots: (S1) 1.3332; (P) 1.3375; (R1) 1.3398; More…

USD/CAD drops sharply today but stays above 1.3301 minor support. Intraday bias remains neutral first. As long as 1.3301 holds, we’d still expect another rally. Break of 1.3467 will resume the rise from 1.3068 to retest 1.3664 high. However, decisive break of 1.3301 will suggest that such rebound from 1.3068 has completed with three waves up to 1.2467. That will carry larger bearish implications and should turn bias to the downside for 1.3068/3112 key support zone.

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 1.3139) 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) 1.3569; (P) 1.3597; (R1) 1.3621; More….

While USD/CAD is losing some downside momentum as seen in 4 H MACD, further decline is still mildly in favor as pull back from 1.3784 extends. Nevertheless, outlook will stay bullish as long as 1.3378 support holds. On the upside, above 1.3675 minor resistance will turn bias back to the upside for retesting 1.3784 next.

In the bigger picture, current development revives the case that corrective pattern from 1.3976 (2022 high) has 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 1.3378 support holds.

Daily Pivots: (S1) 1.3470; (P) 1.3496; (R1) 1.3524; More….

Intraday bias in USD/CAD remains neutral as range trading continues. 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.

USD/CAD’s fall from 1.2880 resumed last week and intraday bias stays on the downside this week for 1.2588 low. Firm break there will resume larger down from 1.4667. Next target is 61.8% projection of 1.3389 to 1.2588 from 1.2880 at 1.2385. On the upside, though, break of 1.2745 resistance will extend the consolidation pattern from 1.2588 with another rise, towards 1.2880 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 1.2994 support turned resistance 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) 1.2674; (P) 1.2693; (R1) 1.2717; More….

Focus stays on 1.2685 minor support in USD/CAD. Firm break there will argue that rebound from 1.2588 has completed at 1.2880. Intraday bias will be turned back to the downside for retesting 1.2588 low. Nevertheless, rebound from current level, follow by break of 1.2880 resistance, will resume the rise from 1.2588 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) 1.3133; (P) 1.3196; (R1) 1.3232; More…

USD/CAD’s breach of 1.3258 suggests that rebound from 1.3063 has resumed again. Intraday bias is back on the upside even though upside momentum isn’t too convincing. We’d holding on to the bullish view that pull back from 1.3385 has completed at 1.3063 already. Rise from there should target a test on 1.3385 first. Break there will resume whole rally from 1.2061 for 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) 1.2471; (P) 1.2501; (R1) 1.2531; More…

Intraday bias in USD/CAD remains neutral first, 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) 1.3589; (P) 1.3627; (R1) 1.3648; More….

USD/CAD rebounds notably today and focus is back on 1.3699 resistance. Firm break there will target 1.3784 first. Break there will resume larger rise from 1.3091 to retest 1.3976 high. On the downside, below 1.3568 will bring another falling leg to extend the near term corrective pattern from 1.3784 instead.

In the bigger picture, current development revives the case that corrective pattern from 1.3976 (2022 high) has 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 1.3378 support holds.

Daily Pivots: (S1) 1.3504; (P) 1.3541; (R1) 1.3568; More….

USD/CAD is staying in range of 1.3509/3638 and intraday bias stays neutral. Further rally is still expected with 1.3509 support intact. On the upside, decisive break of 1.3653 resistance there will confirm that correction from 1.3976 has completed, and target a test on this high. On the downside, however, break of 1.3509 support will indicate short term topping, and turn bias to the downside for some correction first.

In the bigger picture, price actions from 1.3976 are viewed as a corrective pattern only. Upon completion, rise from 1.2005 (2021 low) would resume through 1.3976. Next target is 61.8% projection of 1.2005 to 1.3976 from 1.3091 at 1.4309. For now, this will remain the favored case as long as 55 D EMA (now at 1.3409) holds.