Daily Pivots: (S1) 1.3043; (P) 1.3068; (R1) 1.3112; More….

Intraday bias in USD/CAD remains neutral for the moment. Further decline is expected with 1.3143 resistance intact. 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) 1.3424; (P) 1.3472; (R1) 1.3524; More….

Intraday bias in USD/CAD stays neutral at this point. On the upside, break of 1.3644 resistance will affirm the case that correction from 1.3976 has completed at 1.3224. Further rise should then be seen to 1.3807 resistance first. 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).

Daily Pivots: (S1) 1.3569; (P) 1.3605; (R1) 1.3640; More….

Intraday bias in USD/CAD remains on the upside at this point. Decisive break of 1.3653 resistance there will confirm that correction from 1.3976 has completed, and target a test on this high. On the downside, however, break of 1.3509 support will indicate short term topping, and turn bias to the downside for some correction first.

In the bigger picture, price actions from 1.3976 are viewed as a corrective pattern 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. For now, this will remain the favored case as long as 55 D EMA (now at 1.3387) holds.

Daily Pivots: (S1) 1.3552; (P) 1.3581; (R1) 1.3611; More…

Intraday bias in USD/CAD remains neutral for the moment. 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.

Daily Pivots: (S1) 1.3683; (P) 1.3746; (R1) 1.3808; More….

Immediate focus is now on 1.3494/3501 support in USD/CAD. Sustained break there will complete a head and shoulder top pattern (ls: 1.3832; h: 1.3976; rs: 1.3807). Outlook will be turned bearish for deeper fall to 1.3207 cluster support (61.8% retracement of 1.2726 to 1.3976 at 1.3204. On the upside, above 1.3807 minor resistance will bring retest of 1.3976 high.

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) 1.3750; (P) 1.3780; (R1) 1.3829; More…

Intraday bias in USD/CAD remains on the upside for the moment. Current rise from 1.3091 should target a retest on 1.3976 high. Decisive break there will resume larger up trend. On the downside, below 1.3750 minor support will turn intraday bias neutral and bring consolidations. But near term outlook will remain bullish as long as 1.3568 support holds.

In the bigger picture, current development revives the case that corrective pattern from 1.3976 (2022 high) has 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 1.3378 support holds.

Daily Pivots: (S1) 1.3059; (P) 1.3109; (R1) 1.3145; More…

USD/CAD’s decline from 1.3385 continues today an reaches as low as 1.3083 so far. At this point, we’re still expecting strong support around 1.3067 resistance turned support to bring rebound. Above 1.3159 minor resistance will flip bias back to the upside for retesting 1.3385. However, firm break of 1.3067 will bring deeper fall to channel support (now at 1.2825).

In the bigger picture, as long as channel support (now at 1.2825) 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.

Daily Pivots: (S1) 1.3412; (P) 1.3446; (R1) 1.3495; More….

Intraday bias in USD/CAD is turned neutral for now, as it recovered after dipping to 1.3378. Some consolidations are expected by another fall is in favor. Below 1.3378 will target 61.8% retracement of 1.3091 to 1.3693 at 1.3321. Sustained break there will target 1.3091 support next. Nevertheless, break of 1.3548 resistance will turn bias back to the upside for 1.3693 resistance instead.

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) 1.2531; (P) 1.2557; (R1) 1.2603; More…

USD/CAD’s break of 1.2605 resistance indicates that pull back from 1.2805 has completed at 1.2421. Intraday bias is turned back to the upside for retesting 1.2805 resistance. Break there will resume whole rise from 1.2005 for 1.3022 fibonacci level next. On the downside, break of 1.2488 minor support will turn bias back to the downside for 1.2421 support and below.

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) 1.2543; (P) 1.2562; (R1) 1.2595; More….

Intraday bias in USD/CAD stays neutral at this point. Rebound from 1.2363 could still extend higher. But outlook will remain bearish as long as 1.2742 resistance holds. On the downside, below 1.2519 minor support will bring retest of 1.2363 low. Firm break there will resume larger down trend from 1.4667. Next target is 100% projection of 1.3389 to 1.2588 from 1.2880 at 1.2079.

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) 1.3774; (P) 1.3814; (R1) 1.3837; More…

Intraday bias in USD/CAD remains mildly on the upside for retesting 1.3897. Strong resistance could be seen there to limit upside on first attempt. On the downside, break of 1.3745 will turn bias to the downside to extend the corrective pattern from 1.3897 with another falling leg. In this case, strong support should be seen from 38.2% retracement of 1.3091 to 1.3897 at 1.3589 to bring rebound.

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) 1.3337; (P) 1.3418; (R1) 1.3461; More….

Intraday bias in USD/CAD remains neutral for the moment. On the downside, break of 1.3320 will resume the fall from 1.3704 to 1.3224 key support level. On the upside, though, above 1.3519 will turn bias back to the upside for 1.3704 resistance.

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) 1.3547; (P) 1.3605; (R1) 1.3642; More…

With 1.3566 minor support intact, further rise is still expected in USD/CAD. Decisive break of 1.3685 fibonacci level will target 1.3793 key medium term resistance next. On the downside, break of 1.3566 will indicate short term topping and bring deeper pull back to 55 day EMA (now at 1.3329).

In the bigger picture, up trend from 1.2061 (2017 low) is still in progress and should target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. At this point, the structure is not clearly impulsive yet. Hence, we’d be cautious on topping between 1.3685/3793. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

Daily Pivots: (S1) 1.2646; (P) 1.2676; (R1) 1.2701; More…

USD/CAD is staying in consolidation form 1.2795 and intraday bias remains neutral first. Further rise is expected with 1.2558 support intact. On the upside, break of 1.2795 will target 1.2812 and then 1.2963 resistance. However, break of 1.2558 minor support will turn bias back to the downside for 1.2448 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) 1.3444; (P) 1.3493; (R1) 1.3575; More….

USD/CAD’s decline from 1.3976 resumed after brief recovery and intraday bias is back on the downside. Strong support should be seen at 1.3207 cluster support (61.8% retracement of 1.2726 to 1.3976 at 1.3204) to bring rebound. Break of 1.3570 minor resistance will turn intraday bias neutral first. But sustained break of 1.3204/7 will carry larger bearish implications.

In the bigger picture, as long as 1.3222 resistance turned support holds, larger up trend from 1.2005 (2021 low) is still expected to continue at a later stage. Break of 1.3976 will target 1.4667/89 resistance zone. However, firm break of 1.3222 will be a sign of trend reversal and target 55 week EMA (now at 1.3016).

Daily Pivots: (S1) 1.3079; (P) 1.3178; (R1) 1.3233; More…

With 1.3258 minor resistance intact, pull back from 1.3385 short term top could extend lower. But for now, , we’d expect downside to be contained there to bring rebound. On the upside, above 1.3258 minor resistance will bring retest of 1.3385. However, firm break of 1.3067will bring deeper decline to channel support (now at 1.2831).

In the bigger picture, as long as channel support (now at 1.2825) 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.

Daily Pivots: (S1) 1.3210; (P) 1.3255; (R1) 1.3327; More….

USD/CAD’s recovery form 1.3091 short term bottom extends higher today, but stays below 1.3386 resistance. Intraday bias remains neutral and further decline is still mildly in favor. Below 1.3150 support should resume larger decline through 1.3091 low. Nevertheless, on the upside, 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) 1.2527; (P) 1.2564; (R1) 1.2586; More…

USD/CAD’s decline continues today and breaches 1.2492 support. Current decline is seen as the third leg of the pattern from 1.2947, and intraday bias stays on the downside for the moment. Overall, with 1.2421 support intact, rise from 1.2005 should still be in progress for another rise through 1.2947 at a later stage. On the upside, break of 1.2592 will turn bias back to the upside for 1.2773 resistance first. However, sustained break of 1.2421 will argue that larger rise from 1.2005 has completed and turn near term outlook bearish.

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) 1.3648; (P) 1.3671; (R1) 1.3711; More….

Intraday bias in USD/CAD stays on the upside for the moment. Further rally should be seen to retest 1.3976 high. On the downside, 1.3621 minor support will turn intraday bias neutral first. But outlook will stay bullish as long as 1.3488 support holds, in case of retreat.

In the bigger picture, price actions from 1.3976 are viewed as a corrective pattern 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. For now, this will remain the favored case as long as 55 D EMA (now at 1.3436) holds.

Daily Pivots: (S1) 1.2099; (P) 1.2193; (R1) 1.2245; More…

USD/CAD’s decline extends to as low as 1.2140 so far, just inch above 100% projection of 1.2880 to 1.2363 from 1.2653 at 1.2136. Intraday bias stays on the downside for the moment. Next target is long term cluster support at 1.2061. We’d be cautious on strong support from there to bring reversal. On the upside, break of 1.2265 minor resistance will turn bias to the upside to for rebound back to 55 day EMA (now at 1.2510). However, 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.