Daily Pivots: (S1) 1.3462; (P) 1.3543; (R1) 1.3593; More….

Intraday bias in USD/CAD remains neutral at this point and outlook is unchanged. With 1.3485 support intact, further rally is still expected. On the upside, above 1.3624 minor resistance will turn bias to the upside for 1.3715 resistance first. Break will extend the rebound from 1.3315 to 38.2% retracement of 1.4667 to 1.3315 at 1.3831. On the downside, however, 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) 1.2275; (P) 1.2362; (R1) 1.2416; More…

Intraday bias in USD/CAD remains neutral at this point. On the upside, firm break of 1.2485 resistance will resume whole rise from 1.2005 for 1.2653 key structural resistance next. On the downside, break of 1.2251 support will argue that rebound from 1.2005 has completed after failing medium term channel resistance. Intraday bias will be back on the downside for retesting 1.2005.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It might 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. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

Daily Pivots: (S1) 1.3010; (P) 1.3058; (R1) 1.3097; More….

USD/CAD’s decline is still in progress and intraday bias stays on the downside for 100% projection of 1.4048 to 1.3315 from 1.3715 at 1.2982. Break will target 161.8% projection at 1.2529. On the upside, break of 1.3125 minor resistance will turn intraday bias neutral first. But break of 1.3239 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). 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, though, break out 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

Daily Pivots: (S1) 1.2641; (P) 1.2675; (R1) 1.2700; More…

Intraday bias in USD/CAD is turned neutral with current retreat. Further rise is expected as long as 1.2491 support holds. Above 1.2743 will resume the rise from 1.2286 to retest 1.2894/2947 resistance zone. However, break of 1.2491 will indicate that such rise has completed, and turn bias back to the downside for 1.2286 support.

In the bigger picture, medium term outlook is neutral for now. The pair drew 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) 1.3207; (P) 1.3262; (R1) 1.3290; More…

USD/CAD’s retreat from 1.3329 extends lower today and deeper decline might be seen. But we’re holding on to the view that decline from 1.3664 has completed with three waves down to 1.3068 already, on bullish convergence condition in 4 hour MACD, just ahead of medium term channel support. Hence, risks will stay on the upside as long as 1.3068 holds. On the upside, break of 1.3375 resistance will confirm this bullish case and target a test on 1.3664 high.

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 1.3086) 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) 1.3332; (P) 1.3354; (R1) 1.3377; More…

USD/CAD retreats after hitting 38.2% retracement of 1.3664 to 1.3180 at 1.3365. Intraday bias is turned neutral first. On the upside, firm break of 1.3665 will extend the rebound from 1.3180 to t 61.8% retracement at 1.3479. We’d look for strong resistance from 1.3479 to limit upside. On the downside, break of 1.3231 will likely resume fall from 1.3664 to 61.8% retracement of 1.2781 to 1.3664 at 1.3118.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.3036) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

Daily Pivots: (S1) 1.2661; (P) 1.2722; (R1) 1.2753; More….

Intraday bias in USD/CAD remains neutral for the moment and some more sideway trading could be seen. On the upside, decisive break of 1.2798 should confirm short term bottoming, on bullish convergence condition in 4 hour MACD. Intraday bias will be turned back to the upside for 1.2957 resistance and possibly above. On the downside, break of 1.2588 will resume the down trend from 1.4677 to 61.8% projection of 1.4667 to 1.2994 from 1.3389 at 1.2355.

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) 1.2835; (P) 1.2955; (R1) 1.3022; More….

USD/CAD’s decline from 1.3124 accelerated to as low as 1.2879 so far and is pressing near term channel support. While further fall could still be seen, we’d anticipate strong support at 1.2802 cluster (38.2% retracement of 1.2246 to 1.3124 at 1.2789) to contain downside and bring rebound. On the upside, break of 1.3124 will extend recent rally to 161.8% projection of 1.2061 to 1.2916 from 1.2246 at 1.3629 next. However, firm break of 1.2789/2802 will raise the chance of rejection by 1.3065 medium term fibonacci level and bring deeper fall to 55 day EMA (now at 1.2704.

In the bigger picture, we’re favoring the medium term bullish case. That is larger down trend from 1.4689 has completed at 1.2061 as a correction, drawing support from 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. Sustained break of 38.2% retracement of 1.4689 to 1.2061 at 1.3065 will pave the way to 61.8% retracement at 1.3685. This will be the preferred case now as long as 1.2802 support holds. However, rejection by 1.3065 will argue that price action from 1.2061 is merely a three wave corrective pattern. And 1.2061 will be put back into focus with medium term bearishness revived.

Daily Pivots: (S1) 1.3485; (P) 1.3516; (R1) 1.3551; More…

USD/CAD rose to as high as 1.3546 and the breach of 1.3521 resistance suggests that larger rise from 1.3068 is resuming. Intraday bias is back on the upside for retesting 1.3664 high. For now, break of 1.3429 support is needed to be the first sign of near term reversal. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3321). Thus, the up trend from 1.2061 (2017 low) should be in progress. On the upside, decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will pave the way to 78.6% retracement at 1.4127 next. This will remain the favored case as long as 1.3068 support holds. However, sustained break of the channel support will be the first sign of medium term reversal. Firm break of 1.3068 would confirm.

Daily Pivots: (S1) 1.2876; (P) 1.2907; (R1) 1.2959; More…

While the rebound from 1.2781 was strong, it’s held well below 1.3081 resistance so far. Intraday bias remains neutral and outlook stays bearish. Another fall is in favor. On the downside, break of 1.2781 will extend whole decline from 1.3385 to next fibonacci level at 1.2567, which is close to 1.2526 support.

In the bigger picture, the firm break of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level argues that whole choppy rebound from 1.2061 has completed at 1.3385 already. Deeper fall would be seen back to 61.8% retracement at 1.2567, which is close to 1.2526 support and possibly below. For now, we’re not seeing fall from 1.3385 as resuming larger down trend from 1.4689 (2015 high) yet. Thus, we’ll look for bottoming signal again below 1.2567 .

Daily Pivots: (S1) 1.3023; (P) 1.3061; (R1) 1.3106; More…

USD/CAD surges to as high as 1.3141 so far today. The break of 1.3132 resistance indicates resumption of rise from 1.2781. More importantly, the break of near term channel resistance argues that the corrective fall from 1.3385 has completed. Intraday bias is now on the upside for 1.3225 resistance. Firm break there will confirm this bullish case and target 1.3385 high and above. On the downside, break of 1.2969 support is needed to indicate completion of the rebound. Otherwise, outlook will stay cautiously bullish in case of retreat.

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 resume 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’s rebound from 1.2781 extended to as high as 1.3132 last week. The break of 1.3081 minor resistance argues that whole choppy fall from 1.3385 has completed at 1.2781. Initial bias stays on the upside this week for 1.3225 first. Break will confirm this bullish case and target 1.3385 high next. On the downside, below 1.3027 minor support will turn intraday bias neutral first. But as long as 1.2916 support holds, further rally will remain mildly in favor in case of retreat.

In the bigger picture, current development argues that choppy corrective fall from 1.3385 has completed at 1.2781 already. And that in turns suggests that the up trend from 1.2061 is still in progress. Decisive break of 1.3385 will pave the way to 61.8% retracement of 1.4689 to 1.2061 at 1.3685. On the downside, though, break of 1.2916 support will likely extend the fall from 1.3385 to 61.8% retracement of 1.2061 to 1.3385 at 1.2567 before completion.

In the longer term picture, corrective fall from 1.4689 (2015 high) should have completed with three waves down to 1.2061, just ahead of 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. The development keeps long term up trend from 0.9406 and that from 0.9056 (2007 low) intact. For now, there is prospect of extending the long term up trend to 61.8% projection of 0.9406 to 1.4689 from 1.2061 at 1.5326 in medium to long term.

Daily Pivots: (S1) 1.4006; (P) 1.4142; (R1) 1.4322; More….

Intraday bias in USD/CAD remains on the upside for the moment. Current rally should target medium term projection at 1.4554. On the downside, below 1.3960 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.

In the bigger picture, rise from 1.2061 (2016 low) is still in progress. Next upside target is 100% projection of 1.2061 to 1.3664 from 1.2951 at 1.4554, which is close to 1.4689 (2016 high). Initial resistance could be seen between 1.4554/4689 to bring pull back. Decisive break there will confirm long term up trend resumption.

Daily Pivots: (S1) 1.3127; (P) 1.3187; (R1) 1.3224; More….

USD/CAD failed to break through 1.3259 temporary top in the rally attempt and retreated. Intraday bias remains neural first and outlook is unchanged. Further rise will remain mildly in favor as long as 1.3086 minor support holds. On the upside, break of 1.3259 will target 38.2% retracement of 1.4667 to 1.2994 at 1.3633, to correct the whole fall from 1.4667. However, on the downside, break of 1.3086 will bring retest of 1.2994 low.

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, though, break of 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

Daily Pivots: (S1) 1.3309; (P) 1.3332; (R1) 1.3367; More…

With 4 hour MACD crossed above signal line, intraday bias in USD/CAD is turned neutral again. On the downside, firm break of 1.3250 support will indicate completion of whole rebound from 1.3068. In that case, deeper fall would be seen back to 1.3068/3112 support zone. On the upside, break of 1.3467 will resume the rebound from 1.3068 and target a test on 1.3664 high.

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 1.3210) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). However, firm break of the channel support should confirm reversal and target 1.2061 low again.

Daily Pivots: (S1) 1.3100; (P) 1.3141; (R1) 1.3196; More…

USD/CAD’s break of 1.3170 suggest that recent rebound from 1.2781 has resumed. Intraday bias is back on the upside for 1.3225 key near term resistance. Decisive break there will confirm completion of choppy fall from 1.3385 and target a retest on this high. For now, near term outlook will remain bullish as long as 1.3056 support holds, in case of retreat. But break of 1.3056 will indicate near term reversal and turn focus back to 1.2781 low.

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.

Daily Pivots: (S1) 1.2278; (P) 1.2348; (R1) 1.2385; More…

USD/CAD drops to as low as 1.2286 so far today. The break of 1.2363 support confirms resumption of whole down trend form 1.4668. Intraday bias stays on the downside for 100% projection of 1.2880 to 1.2363 from 1.2653 at 1.2136. On the upside, above 1.2417 minor resistance will turn intraday bias neutral first. But recovery should be limited below 1.2653 resistance to bring fall resumption.

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, 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.

Daily Pivots: (S1) 1.3236; (P) 1.3272; (R1) 1.3302; More…

USD/CAD lost some upside momentum and intraday bias is turned neutral first. Further rise would be seen with 1.3209 minor support intact. to 1.3382 resistance. Break will resume whole rise from 1.3016 and target 1.3564 resistance next. However, break of 1.3209 will turn bias back to the downside for 1.3016 low.

In the bigger picture, key cluster support of 1.3068 (38.2% retracement of 1.2061 to 1.3664 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 1.3052/68 will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next.

Daily Pivots: (S1) 1.2371; (P) 1.2432; (R1) 1.2463; More….

USD/CAD’s decline continued and hit as low as 1.2376 so far. 61.8% projection of 1.3389 to 1.2588 from 1.2880 at 1.2385 is already met and there is no sign of bottoming yet. Intraday bias stays on the downside first. Sustained break of 1.2385 will page the way to 100% projection at 1.2079. On the upside, above 1.2493 minor resistance will turn intraday bias neutral and bring consolidations. But outlook will remain bearish as long as 1.2742 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 1.2994 support turned resistance resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 1.2356; (P) 1.2379; (R1) 1.2427; More…

Intraday bias in USD/CAD remains neutral with focus on 1.2402 minor resistance. Break there will argue that rebound from 1.2005 is resuming. Intraday bias will be back on the upside for 1.2485, and break will target 1.2653 key structural resistance. On the downside, break of 1.2251 support will argue that rebound from 1.2005 has completed after failing medium term channel resistance. Intraday bias will be back on the downside for retesting 1.2005.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It might 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. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.