Daily Pivots: (S1) 1.3441; (P) 1.3466; (R1) 1.3509; More….

Intraday bias in USD/CAD remains neutral as consolidation from 1.3378 is extending. Risk will stay on the downside as long as 1.3548 resistance holds. Break of 1.3378 will resume the fall from 1.3693, as another leg in the corrective pattern from 1.3976 high, to 61.8% retracement of 1.3091 to 1.3693 at 1.3321.

In the bigger picture, price actions from 1.3976 are viewed as a corrective pattern to the up trend from 1.2005 (2021 low). Deeper decline could be seen as the pattern is now extending. But downside should be contained by 50% retracement of 1.2005 to 1.3796 at 1.2991. Rise from 1.2005 is still expected to resume after the correction completes.

Daily Pivots: (S1) 1.2832; (P) 1.2886; (R1) 1.2921; More….

Intraday bias in USD/CAD remains on the downside at this point. Current down trend should target 100% projection of 1.3389 to 1.2928 from 1.3172 at 1.2711 next. On the upside, above 1.2941 minor resistance will turn intraday bias neutral and bring consolidations first, before staging 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). Rejection by 55 week EMA is keeping outlook bearish. Such decline should now target 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) 1.3407; (P) 1.3437; (R1) 1.3489; More….

Intraday bias in USD/CAD remains neutral and outlook is unchanged. Another decline cannot be ruled out with 1.3552 resistance intact. But still, fall from 1.3860 is seen as the third leg of the corrective pattern from 1.3976. In case of another decline, down side should be contained by 1.3224/61 support zone to bring rebound. Break of 1.3552 should turn bias back to the upside for stronger rally.

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 W 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) 1.3133; (P) 1.3156; (R1) 1.3173; More….

USD/CAD continues to lose downside momentum, as seen in 4H MACD. But further decline is still expected as long as 1.3268 resistance holds. Current fall from 1.3976 should target 100% projection of 1.3860 to 1.3299 from 1.3653 at 1.3092. Decisive break there will target 161.8% projection at 1.2745. On the upside, however, break of 1.3268 resistance should now indicate short term bottoming, and turn bias back to the upside for rebound.

In the bigger picture, price actions from 1.3976 are still viewed as a correction to up trend from 1.2005 (2021 low), but chance of trend reversal is increasing with current decline. But in either case, sustained trading below 38.2% retracement of 1.2005 to 1.3976 at 1.3233 will pave the way to 61.8% retracement at 1.2758. Risk will stay on the downside as long as 1.3653 resistance holds, even in case of strong rebound.

Daily Pivots: (S1) 1.3400; (P) 1.3427; (R1) 1.3450; More….

Intraday bias in USD/CAD is turned neutral for some consolidations below 1.3501 temporary top. But 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) 1.3521; (P) 1.3543; (R1) 1.3573; More….

Intraday bias in USD/CAD stays neutral as consolidation from 1.3574 is extending. Downside of retreat should be contained by 0.3371 to bring another rally. Break of 1.3574 will target 1.3653 resistance first. Decisive break there will confirm that correction from 1.3976 has completed, a target a test on this 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. Next target is 61.8% projection of 1.2005 to 1.3976 from 1.3091 at 1.4309. 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) 1.3486; (P) 1.3508; (R1) 1.3537; More….

USD/CAD’s recovery from 1.3405 extends higher today but stays below 1.3563 minor resistance. Intraday bias remains on neutral first. On the downside, break of 1.3405 will resume the decline from 1.3860, as the third leg of the corrective pattern from 1.3976, to 1.3224/61 support zone. Strong support should be seen around there to bring rebound. Meanwhile, firm break of 1.3563 will turn bias back to the upside for 1.3860 resistance instead.

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.

USD/CAD surged to 1.3644 last week but quickly retreated. Initial bias remains neutral this week first. On the upside, break of 1.3644 resistance will affirm the case that correction from 1.3976 has completed at 1.3224. However, break of 1.3315 will resume the fall from 1.3976 through 1.3222 cluster support, which carries larger bearish implications.

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 long as 1.2061 support holds, which is close to 50% retracement of 0.9406 to 1.4689 at 1.2048.

Daily Pivots: (S1) 1.3047; (P) 1.3109; (R1) 1.3149; More…

Despite breaching 1.3068 minor support to 1.3048, USD/CAD quickly recovered. Intraday bias stays neutral first. On the upside, break of 1.3170 will reaffirm the bullish case and target 1.3225 key near term resistance. Break will confirm completion of choppy fall from 1.3385 and target a retest on this high. Though, break of 1.3048 will turn focus to 1.2969 support. Firm break there will indicate completion of whole rebound from 1.2781. In that case, whole fall from 1.3385 might extend through 1.2781 support before completion.

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) 1.2808; (P) 1.2863; (R1) 1.2941; More…..

Intraday bias in USD/CAD remains neutral as it’s staying in range of 1.2728/2996. For now, we’re viewing price actions from 1.3124 as a corrective move that could be completed at 1.2526 already. Break of 1.2996 will turn bias to the upside and extend the rise from 1.2526 to 1.3124 key resistance next. However, break of 1.2728 will dampen this bullish view and bring deeper fall back to 1.2526 and possibly below.

In the bigger picture, we’re favoring the case that that rebound from 1.2061 has not completed yet. Focus is back 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) 1.3087; (P) 1.3129; (R1) 1.3153; More….

USD/CAD is staying in consolidation from 1.3102 and intraday bias remains neutral first. With 1.3185 minor resistance intact, further fall remains in favor. On the downside, break of 1.3102 will resume the fall from 1.3327 and target 1.3042 key support next. On the upside, above 1.3185 will suggest short term bottoming and turn bias back to the upside for retest 1.3327 resistance 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) 1.2640; (P) 1.2713; (R1) 1.2752; More…

Intraday bias in USD/CAD is turned neutral as it retreated after hitting 1.2805. Some consolidations could be seen but further rise is expected as long as 1.2485 resistance turned support holds. On the upside, above 1.2805 will resume the rise from 1.2005 to 1.3022 medium term fibonacci level next.

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) 1.3421; (P) 1.3441; (R1) 1.3465; More….

Range trading continues in USD/CAD and outlook is unchanged. 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.

Daily Pivots: (S1) 1.3473; (P) 1.3552; (R1) 1.3706; More….

USD/CAD’s break of 1.3572 resistance indicates short term bottoming at 1.3315. Intraday bias is flipped back to the upside for 38.2% retracement of 1.4667 to 1.3315 at 1.3831 first. Firm break there will target 61.8% retracement at 1.4151. On the downside, break of 1.3315 is now needed to confirm resumption of fall from 1.4667. Otherwise, risk will stay mildly on the upside in case of retreat.

In the bigger picture, the strong break of 1.3664 resistance turned support, as well as the 55 week EMA (now at 1.3495), suggests that whole rise from 1.2061 (2017 low) has 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.

Daily Pivots: (S1) 1.3324; (P) 1.3370; (R1) 1.3448; More…

USD/CAD rebounds strongly after drawing support from 4 hour 55 EMA. But it’s staying below 1.3444 resistance. Intraday bias remains neutral first. As long as 1.3160 minor support holds, further rally is still expected. On the upside, break of 1.3444 will turn bias back to the upside. Larger rally from 1.2061 should target 1.3685 fibonacci level next.

In the bigger picture, up trend from 1.2061 (2017 low) is still in progress and should target to 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will remain the preferred case as long as channel support (now at 1.2949) holds.

USD/CAD edged higher to 1.3329 last week but failed to sustained above 1.3327 key resistance and retreated. Initial bias is mildly on the downside for retreat to 55 day EMA (now at 1.3180). But downside should be contained above 1.3104 resistance turned support to bring rise resumption. On the upside, sustained break of 1.3327 should confirm completion of consolidation pattern from 1.3664. Further rise should be seen to retest 1.3664 high.

In the bigger picture, price actions from 1.3664 (2018 high) is seen as a corrective move that has probably completed. Rise from 1.2061 (2017 low) might be ready to resume. Decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will pave the way to retest 1.4689 high. However, break of 1.3104 resistance turned support will extend the corrective with another fall through 1.2951 before completion.

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) is in favor to resume through 1.4689 at a later stage.

Daily Pivots: (S1) 1.2975; (P) 1.3011; (R1) 1.3035; More…

A temporary low is in place at 1.2986 and intraday bias in USD/CAD is turned neutral first. At this point, another fall is mildly in favor as long as 1.3091 minor resistance holds. Break of 1.2961, and the medium term channel support will resume fall from 1.3385 and carries larger bearish implications. On the upside, above 1.3091 minor resistance will turn bias back to the upside for 1.3173 resistance. Break there will indicate completion of fall from 1.3385 and turn outlook bullish again.

In the bigger picture, as long as channel support (now at 1.2978) 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. Further decline should be seen to 38.2% retracement of 1.2061 to 1.3385 at 1.2879 first. Sustained break will pave the way to 61.8% retracement at 1.2567 and below.

Daily Pivots: (S1) 1.3349; (P) 1.3404; (R1) 1.3475; More….

Intraday bias in USD/CAD remains mildly on the upside at this point. Rebound from 1.3330 short term bottom would target 1.3715 resistance. Break there will target 38.2% retracement of 1.4667 to 1.3315 at 1.3831. On the downside, firm break of 1.3315 will resume the fall from 1.4667 instead.

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 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

USD/CAD’s decline from 1.3897 extend to as low as 1.3486 last week and there is no sign of bottoming yet. Initial bias stays on the downside this week for 1.3378 support next, which is close to 61.8% retracement of 1.3091 to 1.3897 at 1.3399. Strong support could be seen there to bring rebound. Meanwhile, on the upside, above 1.3625 minor resistance will turn intraday bias neutral again first.

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.

USD/CAD stayed in consolidation from 1.2421 last week and outlook is unchanged. Initial bias remains neutral this week for some consolidations. Further fall is expected with 1.2605 resistance intact. Below 1.2421 will resume the fall from 1.2805 to 1.2301 cluster support (61.8% retracement of 1.2005 to 1.2805 at 1.2311). On the upside, break of 1.2605 will turn bias back to the upside for retesting 1.2805 high instead.

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.

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 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, 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.