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) 1.3106; (P) 1.3141; (R1) 1.3171; More…

USD/CAD is bounded in tight range of 1.3063/3216 and intraday bias remains neutral. Outlook is unchanged and we’re preferring the case that pull back from 1.3385 has completed at 1.3063 already. Above 1.3216 will bring retest of 1.3385 first. Break will resume whole rally from 1.2061 for 1.3685 fibonacci level. However, firm break of 1.3067 resistance turned support will bring deeper fall to channel support (now at 1.2858).

In the bigger picture, as long as channel support (now at 1.2858) 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.

USD/CAD’s late break of 1.2466 support suggests that down trend from 1.4667 is resuming. Initial bias is now on the downside this week for 61.8% projection of 1.3389 to 1.2588 from 1.2880 at 1.2385. Break will target 100% projection at 1.2079. On the upside, break of 1.2742 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain 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 1.2994 support turned resistance resistance is needed to indicate 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.

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.

Daily Pivots: (S1) 1.3543; (P) 1.3583; (R1) 1.3607; More….

No change in USD/CAD’s outlook and intraday bias stays neutral first. Further rise will remain in favor as long as 1.3485 support holds. On the upside, break of 1.3715 will resume the rebound from 1.3315 to 38.2% retracement of 1.4667 to 1.3315 at 1.3831. Nevertheless, break of 1.3485 will argue that the rebound has completed and turn bias back to the downside for retesting 1.3315 low.

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 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) 1.2782; (P) 1.2808; (R1) 1.2845; More….

USD/CAD is staying in consolidation from 1.2768 temporary low and intraday bias remains neutral. In case of another recovery, upside should be limited by 1.2928 support turned resistance to bring fall resumption. On the downside, break of 1.2768 will target 100% projection of 1.3389 to 1.2928 from 1.3172 at 1.2711 next. Break will target 161.8% projection 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) 1.3564; (P) 1.3710; (R1) 1.3789; More…

Intraday bias in USD/CAD remains neutral as consolidation from 1.3976 extends. 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.

Daily Pivots: (S1) 1.3121; (P) 1.3156; (R1) 1.3201; More…

Intraday bias in USD/CAD remains neutral for consolidation from 1.3225 temporary top. We’re holding on tot he view that corrective fall from 1.3385 has completed at 1.2886 already. Above 1.3225 will bring retest of 1.3385 first. On the downside, in case of another retreat, downside should be contained well above 1.2886 to bring rally resumption.

In the bigger picture, strong rebound ahead of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level retains medium term bullishness. That is, rise from 2017 low at 1.2061 is still in progress. Break of 1.3384 should target 61.8% retracement of 1.4689 (2015 high) to 1.2061 (2017 low) at 1.3685. On the downside, as long as 1.2886 support holds, outlook will now remain bullish.

Daily Pivots: (S1) 1.2547; (P) 1.2580; (R1) 1.2624; More…

Immediate focus is now on 1.2591 resistance in USD/CAD. Firm break there will suggest that fall from 1.2899 has completed. Intraday bias will be back on the upside for 1.2899 resistance again. Nevertheless, rejection by 1.2591, followed by break of 1.2401 support, will retain near term bearishness for retesting 1.2005 low.

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.

USD/CAD’s fall from 1.3075 extended lower last and immediate focus is now on 1.2712 support this week. Firm break there would indicate rejection by 1.3022 key fibonacci resistance. Deeper fall would be seen back to 1.2401 support next. On the upside, though, above 1.2884 minor resistance will retain near term bullishness and turn bias back to the upside for 1.3075 high.

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) 1.3453; (P) 1.3559; (R1) 1.3614; More…

Intraday bias in USD/CAD remains on the downside at this point. Correction from 1.3832 could extend lower. But downside should be contained above 1.3222 resistance turned support to bring rebound. On the upside, break of 1.3832 will resume larger up trend to 161.8% projection of 1.2005 to 1.2947 from 1.2401 at 1.3925.

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) 1.3436; (P) 1.3479; (R1) 1.3510; More….

Intraday bias in USD/CAD is turned neutral with current retreat. But risks stay on the upside as long as 1.3320 support holds. Pull back from 1.3704 should have completed. On the upside, above 1.3519 will target a test on 1.3704 first. Firm break there will resume the whole rebound from 1.3224.

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 fall from 1.3564 resumed by breaking 1.3037 temporary low last week. Initial bias remains on the downside this week. Sustained trading below 1.3052/68 cluster support should confirm medium term reversal. Deeper decline should then be seen to 1.2781 support next. On the upside, break of 1.3143 resistance is needed to indicate short term bottoming. Otherwise, near term outlook will remain bearish in case of recovery.

In the bigger picture, the case of bearish reversal continues to build 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.

In the longer term picture, outlook remains unchanged that price actions from 1.4689 (2016 high) are forming a corrective pattern. Rejection by 1.3793 resistance would raise the chance of lengthier extension, with risk of dropping through 1.2061 low before completion.

Daily Pivots: (S1) 1.2709; (P) 1.2760; (R1) 1.2840; More…

Intraday bias in USD/CAD remains on the upside. Rise from 1.2516 will target a test on 1.3075 resistance next. Sustained trading above 1.3022 fibonacci level will carry larger bullish implications. On the downside, below 1.2680 will turn bias back to the downside for 1.2516 support 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.

Daily Pivots: (S1) 1.2896; (P) 1.2932; (R1) 1.2982; More…

Intraday bias in USD/CAD remains neutral for the moment. On the upside, firm break of 1.2984 resistance will argue that corrective fall from 1.3222 has completed with three waves down to 1.2726. Further rally would be seen back to retest 1.3222 high. On the downside, break of 1.2726 will resume the fall from 1.3222 to 1.2516 key 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) 1.3802; (P) 1.3838; (R1) 1.3862; More…

Intraday bias in USD/CAD is turned neutral with current retreat and some consolidations could be seen. Downside of retreat should be contained above 1.3659 support to bring another rally. On the upside, above 1.3879 will resume recent rally to retest 1.3976. Decisive break there will resume larger up trend to 1.4064 projection level.

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 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 1.3568 support holds.

Daily Pivots: (S1) 1.3548; (P) 1.3573; (R1) 1.3605; More…

Intraday bias in USD/CAD is turned neutral again with current retreat. Near term outlook will stay bullish as long as 1.3439 support holds, and further rally is in favor. Break of 1.3605 will resume the rise from 1.3176 to 100% projection of 1.3176 to 1.3540 from 1.3357 at 1.3721 next.

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) 1.3108; (P) 1.3128; (R1) 1.3155; More….

Intraday bias in USD/CAD is turned neutral with 4 hour MACD staying above signal line. Further fall is still expected as long as 1.3242 support turned resistance holds. Below 1.3099 will target a test on 1.2994 low first. Firm break of 1.2994 will confirm and target 61.8% projection of 1.4667 to 1.2994 from 1.3418 at 1.2384. On the upside, though, break of 1.3242 support turned resistance will dampen this bearish case and turn bias to the upside for 1.3418 resistance 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.