Daily Pivots: (S1) 1.3196; (P) 1.3230; (R1) 1.3283; More…

USD/CAD’s break of 1.3284 minor resistance indicate short term bottoming at 1.3176, on bullish convergence condition in 4H MACD. Intraday bias is back on the upside for 38.2% retracement of 1.3897 to 1.3176 at 1.3451. On the downside, however, break of 1.3176 will resume the fall from 1.3897 to 1.3091 support and possibly below.

In the bigger picture, outlook is mixed up by deeper then expected fall from 1.3897. But after all, price actions from 1.3976 (2022 high) are viewed as a corrective pattern that’s in progress. Larger up trend from 1.2005 (2021 low) is still expected to resume at a later stage as long as 1.2947 resistance turned support holds.

Daily Pivots: (S1) 1.3362; (P) 1.3413; (R1) 1.3449; More….

USD/CAD’s break of 1.3374 minor support suggests temporary topping at 1.3464, after hitting 61.8% projection of 1.2951 to 1.3329 from 1.3202 at 1.3436. Intraday bias is turned neutral for consolidations. But downside of retreat should be contained well above 1.3202 support to bring another rise. On the upside, break of 1.3464 will target 100% projection at 1.3580 next.

In the bigger picture, price actions from 1.3664 (2018 high) are seen as a corrective move that has likely completed. Rise from 1.2061 (2017 low) might be ready to resume. Decisive break 1.3664 will target 61.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.3941 next. For now, this will remain the favored case as long as 1.3202 support holds, in case of deep pull back.

Daily Pivots: (S1) 1.3029; (P) 1.3041; (R1) 1.3062; More….

A temporary is formed at 1.3018 with current recovery and intraday bias in USD/CAD is turned neutral again. Near term outlook remains bearish as long as 1.3143 resistance holds. Sustained trading below 1.3052/68 cluster support should confirm medium term reversal. Deeper decline should then be seen to 1.2781 support next. Nevertheless, break of 1.3143 resistance will confirm short term bottoming and bring stronger rebound.

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.

Daily Pivots: (S1) 1.3219; (P) 1.3236; (R1) 1.3270; More….

Intraday bias in USD/CAD remains neutral as sideway consolidation continues. Outlook stays bearish for further decline with 1.3385 resistance intact. On the downside, break of 1.3091 will resume larger fall and target 61.8% projection of 1.3653 to 1.3115 from 1.3386 at 1.3054. However, firm break of 1.3386 will indicate near term reversal and turn outlook bullish.

In the bigger picture, price actions from 1.3976 are viewed as a correction to up trend from 1.2005 (2021 low) only. But even so, deeper decline is expected as long as 1.3386 resistance holds. Further fall could be seen to 61.8% retracement of 1.2005 to 1.3976 at 1.2758. Meanwhile, break of 1.3386 will be a sign that the correction has completed and bring stronger rally back to retest 1.3976.

Daily Pivots: (S1) 1.3714; (P) 1.3760; (R1) 1.3795; More…

Intraday bias in USD/CAD stays neutral at this point. Pull back from 1.3845 could extend lower, but downside should be contained by 1.3660 support to bring another rally. On the upside, firm break of 1.3845 will resume the whole rally from 1.3716 to 1.3976 key resistance.

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. Firm break of 1.3976 will confirm up resumption of whole up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3176 at 1.4149.

Daily Pivots: (S1) 1.3125; (P) 1.3153; (R1) 1.3183; More….

Intraday bias in USD/CAD remains neutral at this point. On the upside, considering bullish convergence condition in 4 hour MACD, break of 1.3185 resistance will indicate short term bottoming. Fall from 1.3327 could have completed in this case. Intraday bias will be turned back to the upside for 1.3327 resistance. On the downside, break of 1.3102 will target 1.3042 key support next.

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.

Daily Pivots: (S1) 1.2661; (P) 1.2693; (R1) 1.2723; More…

Range trading continues in USD/CAD and intraday bias remains neutral for the moment. Further rally is mildly in favor with 1.2634 support intact. On the upside, break of 1.2795 will resume the rally from 1.2448 to 1.2963 resistance next. However, break of 1.2634 support will turn bias back to the downside for 1.2448 support 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) 1.3405; (P) 1.3430; (R1) 1.3454; More….

Intraday bias in USD/CAD stays neutral for the moment. Price actions from 1.3976 are seen as a triangle consolidation pattern. Above 1.3666 will target 1.3860 resistance first. Firm break of 1.3860 will argue that larger up trend is ready to resume through 1.3976 high. Nevertheless, sustained break of 1.3229 will dampen this view and turn near term outlook bearish.

In the bigger picture, rise from 1.2005 (2021 low) is expected to resume through 1.3976 after consolidation from there completes. On decisive break of 1.3976, next target will be 1.4667/89 long term resistance zone. This will remain the favored case as long as 38.2% retracement of 1.2005 to 1.3976 at 1.3233 holds.

USD/CAD edged lower to 1.3479 last week but recovered since then. Yet, upside is capped below 1.3625 resistance. Initial bias stays neutral this week first. On the downside, below 1.3479 will resume the corrective fall from 1.3897. But downside should be contained by 1.3378 support, which is close to 61.8% retracement of 1.3091 to 1.3897 at 1.3399, to bring rebound. On the upside, break of 1.3625 resistance will indicate short term bottoming, and turn bias back to the upside for stronger rise.

In the bigger picture, rise from 1.3091 is seen as the fifth leg of the whole rise from 1.2005 (2021 low). Further rally is expected as long as 1.3378 support holds, to 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. However, decisive break of 1.3378 will dampen this view and bring deeper fall back to 1.3091 instead.

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 1.3126) holds.

Daily Pivots: (S1) 1.2498; (P) 1.2544; (R1) 1.2630; More…

USD/CAD rebounded strongly after dipping to 1.2457 and intraday bias is turned neutral. On the upside, break of 1.2675 will resume the rebound from 1.2401 towards 1.2899 resistance. On the downside, below 1.2457 will bring retest of 1.2401 support.

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) 1.2841; (P) 1.2878; (R1) 1.2915; More…

Intraday bias in USD/CAD stays on the upside for the moment. Current rise from 1.2401 should target 1.3022 fibonacci level next. Decisive break there will carry larger bullish implications. In any case, outlook will stay cautiously bullish as long as 1.2717 support intact, in case of another retreat.

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) 1.4198; (P) 1.4229; (R1) 1.4292; More….

USD/CAD’s rally accelerates to as high as 1.4667 so far. Intraday bias remains on the upside with focus on 1.4689 key resistance. Decisive break there will confirm larger up trend resume. Next target is 1.5545 medium term projection level. On the downside, break of 1.4168 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 is likely resuming whole up trend from 0.9056 (2007 low). Decisive break of 1.4689 will confirm. Next medium term target is 161.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.5545. Rejection form 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) 1.2571; (P) 1.2607; (R1) 1.2627; More…

Intraday bias in USD/CAD is turned neutral with current recovery. On the upside, break of 1.2711 minor resistance will revive near term bullishness, and turn bias back to the upside for retesting 1.2947 high instead. On the downside, below 1.2577 will bring deeper fall to 1.2421 support. Firm break there will suggest rejection by 1.3022 fibonacci level. Rise from 1.2005 could have completed in this case and deeper fall would be seen to retest this low.

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) 1.3141; (P) 1.3171; (R1) 1.3203; More…

USD/CAD’s strong rise and breach for 1.3264 suggests resumption of recent rise from 1.2781. Intraday bias is back on the upside for 1.3385 resistance next. On the downside, break of 1.3141 support is needed to indicate short term topping. Otherwise, outlook will remain 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 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.

USD/CAD gyrated lower last week as the decline from 1.3704 extended. For now, price actions from there are still more likely corrective than not. Hence, while deeper decline could be seen, downside should be contained well above 1.3224 low. On the upside, break of 1.3704 will confirm resumption of the rise 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).

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 month EMA (now at 1.2953) holds.

USD/CAD retreated deeply last week but holds above 1.2971 minor support. Initial bias remains neutral this week first. On the upside, decisive break of 1.3222 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, however, break of 1.2971 will extend the corrective pattern from 1.3222 with another falling leg, back towards 1.2726 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.

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.

Daily Pivots: (S1) 1.4145; (P) 1.4341; (R1) 1.4532; More….

Intraday bias in USD/CAD remains neutral for consolidation below 1.4667. Deeper pull back cannot be ruled out. But downside should be contained above 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound. On the upside, sustained break of 1.4689 will confirm larger up trend resumption.

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 form 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) 1.2579; (P) 1.2613; (R1) 1.2637; More…

Intraday bias in USD/CAD remains mildly on the downside with focus on 1.2586 support. Firm break there will argue that rebound from 1.2448 has completed at 1.2899. Deeper fall would be seen back to 1.2448 support first. On the upside, however, break of 1.2697 minor resistance will turn intraday bias neutral again.

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) 1.2970; (P) 1.3003; (R1) 1.3030; More…

USD/CAD continues to lose downside momentum as seen in 4 hour MACD. Further fall could still be seen to 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. But we’d expect strong support from channel line (now at 1.2912) to complete the correction from 1.3385 and bring rebound. On the upside, firm break of 1.3095 resistance will turn bias to the upside for 1.3289 resistance.

In the bigger picture, as long as channel support (now at 1.2912) 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.

Daily Pivots: (S1) 1.3500; (P) 1.3557; (R1) 1.3645; More…

USD/CAD’s rally is still in progress and intraday bias stays on the upside for long term fibonacci level at 1.3650. Break there will target 161.8% projection of 1.2005 to 1.2947 from 1.2401 at 1.3925. On the downside, below 1.3407 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. Next target is 61.8% retracement of 1.4667 to 1.2005 (2021 low) at 1.3650. Sustained break there will target 1.4667 (2020 high). This will now remain the favored case as long as 1.2947 resistance turned support holds.