Daily Pivots: (S1) 1.3657; (P) 1.3734; (R1) 1.3810; More…

Intraday bias in USD/CAD remains neutral as consolidation from 1.3976 is still extending. Outlook will stay bullish as long as 1.3501 support holds. Firm 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.

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) 1.3119; (P) 1.3162; (R1) 1.3192; More….

USD/CAD is staying in consolidation above 1.3133 and intraday bias remains neutral first. Near term outlook remains bearish for further decline with 1.3271 resistance intact. On the downside, break of 1.3133 will resume larger fall from 1.4667 to long term fibonacci level at 1.3056. On the upside, considering bullish convergence condition, firm break of 1.3271 should confirm short term bottoming. Intraday bias will be turned back to the upside for rebound to 55 day EMA (now at 1.3411).

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 stayed in consolidation from 1.3327 last week and outlook is unchanged. Initial bias remains neutral this week first. Downside of retreat should be contained above 1.3190 support to bring another rise. On the upside, break of 1.3327 will resume the rise from 1.3042 to 1.3347/82 resistance zone. Firm break there will suggest completion of consolidation from 1.3664. However, break of 1.3190 will indicate completion of the rebound and turn bias back to the downside for 1.3042 support.

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.

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) 1.3661; (P) 1.3686; (R1) 1.3721; More…

USD/CAD is still extending the sideway pattern from 1.3897 and intraday bias remains neutral. While another fall cannot be ruled out, downside should be contained by 38.2% retracement of 1.3091 to 1.3897 at 1.3589 to bring rebound. Break of 1.3897 is expected at a later stage to resume larger rally.

In the bigger picture, corrective pattern from 1.3976 (2022 high) should have 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 is 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. This will remain the favored case as long as 1.3378 support holds.

Daily Pivots: (S1) 1.1.2579; (P) 1.2600; (R1) 1.2638; More…

USD/CAD rises to as high as 1.2706 so far today, as rise from 1.2005 re-accelerates. The break of 1.2653 resistance now argues that whole fall from 1.4667 has completed. Intraday stays on the upside for 1.3022 medium term fibonacci level next. On the downside, break of 1.2589 support will turn intraday bias neutral first. But outlook will now stay bullish as long as 1.2423 support holds, in case of retreat.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

Daily Pivots: (S1) 1.3820; (P) 1.3919; (R1) 1.4105; More….

USD/CAD’s rally resumed after brief consolidation and intraday bias is back on the upside. Current rise should target 261.8% projection of 1.2951 to 1.3329 from 1.3202 at 1.4192. On the downside, break of 1.3726 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

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) 1.3156; (P) 1.3207; (R1) 1.3274; More….

USD/CAD’s fall from 1.3418 could have completed at 1.3099 already. Corrective rebound from 1.2994 is likely extending with another rising leg. Intraday bias stays on the upside for 1.3418 first. Break will target 38.2% retracement of 1.4667 to 1.2994 at 1.3633. On the downside, break of 1.3099 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, 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) 1.3519; (P) 1.3536; (R1) 1.3550; More…

No change in USD/CAD’s outlook and intraday bias stays on the upside. Further rise should be seen to retest 1.3605 resistance first. Firm break there will resume whole rally from 1.3176. On the downside, however, break of 1.3458 minor support will turn bias back to the downside or 1.3419 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. Overall, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 at a later stage.

Daily Pivots: (S1) 1.3642; (P) 1.3673; (R1) 1.3729; More….

Intraday bias in USD/CAD remains mildly on the upside for the moment. Rise form 1.3224 would target 1.3807 resistance. Break there will bring retest of 1.3976 high. On the downside, however, break of 1.3516 support will suggest that the rebound has completed, and turn bias back to the downside.

In the bigger picture, as long as 1.3222 cluster support (38.2% retracement of 1.2005 to 1.3976 at 1.3223) holds, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 high at a later stage. However, firm break of 1.3222/3 will indicate that the trend might have reversed. Deeper fall would be seen to next cluster support at 1.2726 (61.8% retracement at 1.2758).

Daily Pivots: (S1) 1.3281; (P) 1.3345; (R1) 1.3385; More….

Intraday bias in USD/CAD stays on the downside. Fall from 1.3704 would target 1.3224 key support level. Strong support is still expected from there to bring rebound. But decisive break would carry larger bearish implication. On the upside, above 1.3426 minor resistance will turn intraday bias neutral first.

In the bigger picture, as long as 1.3222 cluster support (38.2% retracement of 1.2005 to 1.3976 at 1.3223) holds, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 high at a later stage. However, firm break of 1.3222/3 will indicate that the trend might have reversed. Deeper fall would be seen to next cluster support at 1.2726 (61.8% retracement at 1.2758).

USD/CAD’s down trend continued last week and met 100% projection of 1.2880 to 1.2363 from 1.2653 at 1.2136 already. There is no clear sign of bottoming yet. Initial bias stays on the downside this week for 1.2061 long term cluster support next. We’d be cautious on strong support from there to bring reversal. On the upside, break of 1.2265 support turned resistance will turn bias back to the upside for stronger rebound. However, sustained break of 1.2061 will sustained break of 1.2061 will carry larger bearish implications. Next near term target will be 161.8% projection at 1.1816.

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). We’d look for strong support from there to bring rebound. Nevertheless, sustained break of 1.2653 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound. Also, sustained break of 1.2061 will pave the way to 61.8% retracement of 0.9406 to 1.4689 at 1.1424.

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. However, sustained break of 1.2061 will be a sign of long term bearishness. Deeper fall would be seen to 61.8% retracement at 1.1424 and below.

Daily Pivots: (S1) 1.3713; (P) 1.3776; (R1) 1.3895; More…

Intraday bias in USD/CAD stays on the upside at this point. Current up trend should target 161.8% projection of 1.2005 to 1.2947 from 1.2401 at 1.3925. Firm break there will target 200% projection at 1.4285. On the downside, break of 1.3601 minor support is needed to indicate short term topping. Otherwise, outlook will stay bullish 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) 1.2619; (P) 1.2640; (R1) 1.2682; More…

Intraday bias in USD/CAD remains on the upside for retesting 1.2805 resistance. Firm break there will resume the rise from 1.2005 to 1.3022 fibonacci level next. On the downside, break of 1.2597 minor support will turn intraday bias on the downside, to extend the corrective pattern form 1.2805 with another fall.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

USD/CAD’s down trend from 1.4667 resumed last week by break through 1.2363 support, and hit as low as 1.2265. As a temporary low was formed there, initial bias is neutral this week for some consolidations first. Upside of recovery should be limited well below 1.2653 resistance to bring down trend resumption. Break of 1.2265 will target 100% projection of 1.2880 to 1.2363 from 1.2653 at 1.2136 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). We’d look for strong support from there to bring rebound. Nevertheless, sustained break of 1.2653 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of strong 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. However, sustained break of 1.2061 will be a sign of long term bearish. Deeper fall would be seen to 61.8% retracement at 1.1424 and below.

Daily Pivots: (S1) 1.3362; (P) 1.3387; (R1) 1.3431; More…

Intraday bias in USD/CAD stays neutral first. But further rise is mildly in favor as long as 1.3339 minor support holds. Decisive break of 38.2% retracement of 1.3897 to 1.3176 at 1.3451 will pave the way to 61.8% retracement at 1.3622. On the downside, however, break of 1.3339 will turn bias back to the downside for 1.3176 low instead.

In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern only. While fall from 1.3897 could still extend through 1.3091, 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 at a later stage.

Daily Pivots: (S1) 1.3971; (P) 1.4044; (R1) 1.4084; More….

Intraday bias in USD/CAD remains neutral at this point. Overall, price actions from 1.4667 are see as a corrective pattern. In case of deeper fall, downside should be contained by 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound. On the upside, above 1.4182 will turn bias to the upside for 1.4349 resistance, and then 1.4667.

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) 1.2933; (P) 1.2967; (R1) 1.3007; More…..

USD/CAD is still bounded in tight range below 1.3066 and intraday bias remains neutral. Near term outlook will stay cautiously bullish as long as 1.2817 support holds. Above 1.3066 will extend the rise from 1.2526 to 1.3124 key resistance. Decisive break there will carry larger bullish implication. 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) 1.3396; (P) 1.3424; (R1) 1.3475; More….

Intraday bias in USD/CAD remains neutral for the moment. Further rally is expected as long as 1.3318 support holds. Current development argues that correction from 1.3976 has completed with three waves down to 1.3091. Above 1.3501 will resume the rise from 1.3091 to 1.3653 resistance next. Break there will further confirm this case and target 1.3976 high.

In the bigger picture, price actions from 1.3976 are viewed as a corrective fall only. Upon completion, rise from 1.2005 (2021 low) would resume through 1.3976 towards 1.4667/89 long term resistance zone. In case of another fall, downside should be contained by 61.8% retracement of 1.2005 to 1.3976 at 1.2758.

Daily Pivots: (S1) 1.3596; (P) 1.3703; (R1) 1.3845; More…

USD/CAD’s rally continued and hit as high as 1.3807 so far. Intraday bias stays on the upside for 161.8% projection of 1.2005 to 1.2947 from 1.2401 at 1.3925. Firm break there will target 200% projection at 1.4285. On the downside, below 1.3543 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, up trend from 1.2005 (2021 low) is still in progress. 61.8% retracement of 1.4667 to 1.2005 (2021 low) at 1.3650 is already met. Next target is 1.4667 (2020 high). This will now remain the favored case as long as 1.3222 resistance turned support holds.

Daily Pivots: (S1) 1.3395; (P) 1.3430; (R1) 1.3450; More…

USD/CAD’s break of 1.3414 minor support dampened the original bullish view. Intraday bias is back on the downside to 1.3342 support first. Firm break there will argue that rebound from 1.3176 has completed at 1.3540, and target this low for resuming whole fall from 1.3897. On the upside, however, break of 1.3540 will resume the rebound from 1.3176 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. Overall, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 at a later stage.