USD/CAD’s rise from 1.3091 resumed last week and surged to as high as 1.3879. Initial bias stays on the upside this week for retesting 1.3976 high. Decisive break there will resume larger up trend to 1.4064 projection level. On the downside, below 1.3794 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.

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.

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 1.3100) holds.

Daily Pivots: (S1) 1.3447; (P) 1.3469; (R1) 1.3485; More…

Intraday bias in USD/CAD remains neutral for moment. Consolidation from 1.3540 could extend further. But further rally is expected as long as 1.3342 minor support holds. Fall from 1.3897 should have completed at 1.3716. Break of 1.3540w ill target 1.3617 cluster resistance (61.8% retracement of 1.3897 to 1.3176 at 1.3622). Decisive break there will pave the way to 1.3897/3976 key resistance zone.

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) 1.2797; (P) 1.2864; (R1) 1.2943; More….

As noted before, the pull back from 1.2996 has completed at 1.2728 already. Intraday bias remains mildly on the upside for 1.2996 resistance first. Break there will affirm our bullish view that rebound from 1.2061 low is still in progress. And in that case, further rise should be seen to retest 1.3124 key resistance. We’ll hold on to this bullish view as long as 1.2728 support holds.

In the bigger picture, current development suggests 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) 1.3214; (P) 1.3238; (R1) 1.3279; More…

USD/CAD is staying in consolidation from 1.3329 temporary top and intraday bias remains neutral. 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) 1.3444; (P) 1.3493; (R1) 1.3575; More….

USD/CAD recovered after hitting 1.3386 and intraday bias is turned neutral first. On the upside, firm break of 1.3351 minor resistance will invalidate the head and shoulder top pattern. Bias will be turned back to the upside for 1.3807 resistance first, and then retest of 1.3976 high. On the downside, break of 1.3386 will resume the correction from 1.3976 towards 1.3207 cluster support (61.8% retracement of 1.2726 to 1.3976 at 1.3204).

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) 1.3450; (P) 1.3493; (R1) 1.3517; More…

Intraday bias in USD/CAD remains neutral for the moment. Further rally is expected as long as 1.3414 minor support holds. Fall from 1.3897 should have completed at 1.3716. Break of 1.3540 will target 1.3617 cluster resistance (61.8% retracement of 1.3897 to 1.3176 at 1.3622). Decisive break there will pave the way to 1.3897/3976 key resistance zone. However, break of 1.3414 will dampen this view and turn bias back to the downside

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.

USD/CAD edged higher to 1.3310 last week but lost momentum since then. Initial bias is neutral this week first. We’re still favoring the case that pull back from 1.3382 has completed at at 1.3133 already. Above 1.3310 will target retest of 1.3382 first. Break will resume whole rise from 1.3016 and target 1.3564 resistance next. However, break of 1.3209 will dampen our bullish view and 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.

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

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) 1.3332; (P) 1.3366; (R1) 1.3414; More….

Intraday bias in USD/CAD stays neutral for the moment. On the upside, firm break of 1.3494 will indicate that correction from 1.3976 has completed at 1.3224, ahead of 1.3207 cluster support (61.8% retracement of 1.2726 to 1.3976 at 1.3204). Intraday bias will be turned back to the upside for 1.3807/3976 resistance zone. However, on the downside, sustained break of 1.3204/7 will carry larger bearish implication and target 1.2952 support next.

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) 1.2099; (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.

Daily Pivots: (S1) 1.3650; (P) 1.3813; (R1) 1.3920; More…

USD/CAD retreated notably after rising to 1.3976 and intraday bias is turned neutral first. Outlook will stay bullish as long as 1.3501 support holds. Firm break of 1.3976 will target 200% projection of 1.2005 to 1.2947 from 1.2401 at 1.4285. However, considering bearish divergence condition in 4 hour and daily MACD, break of 1.3501 will confirm short term topping,and bring deeper pull back to 55 day EMA (now at 1.3337).

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) 1.3649; (P) 1.3705; (R1) 1.3810; More….

intraday bias in USD/CAD remains on the upside for retesting 1.3976 high. Firm break there will resume larger up trend and target 1.4234 projection level. On the downside, break of 1.3664 minor support will turn intraday bias neutral first. But retreat should be contained above 1.3554 support to bring another rally.

In the bigger picture, outlook stays bullish with 1.3222 cluster support (38.2% retracement of 1.2005 to 1.3976 at 1.3223) intact. Break of 1.3976 resistance will resume larger up trend from 1.2005 (2021 low) to 61.8% projection of 1.2401 to 1.3976 from 1.3261 at 1.4234.

Daily Pivots: (S1) 1.2960; (P) 1.3000; (R1) 1.3021; More…

Intraday bias in USD/CAD is turned neutral as it failed to sustain above 1.3075 resistance and retreated. Further rise will remain in favor as long as 1.2859 support holds. On the upside, break of 1.3077 and sustained trading above 1.3022 fibonacci level will carry larger bullish implications. Next target is 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343.

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.

Daily Pivots: (S1) 1.3311; (P) 1.3345; (R1) 1.3366; More….

Intraday bias in USD/CAD remains neutral and outlook is unchanged. The choppy decline from 1.3704 might still extend lower, but strong support is expected to 1.3224 key support to bring rebound. On the upside, above 1.3519 resistance will confirm short term bottoming, and turn intraday bias back to the upside for retesting 1.3704 resistance. However, decisive break of 1.3224 would carry larger bearish implication.

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) 1.3363; (P) 1.3383; (R1) 1.3399; More…

Intraday bias in USD/CAD is turned neutral with current retreat. But further rally is in favor as long as 1.3286 minor support holds. Above 1.3413 will resume the rebound from 1.3176 to 38.2% retracement of 1.3897 to 1.3176 at 1.3451. Firm break there will pave the way to 61.8% retracement at 1.3622. On the downside, however, break of 1.3286 will turn bias back to the downside for 1.3176 low instead.

In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern only. While fall from 1.3897 could still extend through 1.3091, 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 at a later stage.

Daily Pivots: (S1) 1.3204; (P) 1.3276; (R1) 1.3321; More….

USD/CAD’s break of 1.3233 support suggests resumption of the fall from 1.4667. Intraday bias is back on the downside for long term fibonacci level at 1.3056. On the upside, break of 1.3398 resistance should indicate short term bottoming and turn bias back to the upside for 1.3715 resistance 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 1.3715 resistance holds. However, sustained break of 1.3715 will turn focus back to 1.4689 key resistance.

Daily Pivots: (S1) 1.2779; (P) 1.2816; (R1) 1.2855; More…

USD/CAD’s rally continues today and intraday bias remains on the upside for 1.2899 resistance. Break there should resume the larger rise from 1.2005 to 1.3022 fibonacci level. Decisive break there will carry larger bullish implications. On the downside, below 1.2776 minor support will turn intraday bias neutral and bring consolidations. But further rally will remain in favor as long as 1.2675 resistance turned support holds.

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) 1.3495; (P) 1.3564; (R1) 1.3608; More….

USD/CAD’s break of 1.3521 dampened the bullish view and suggests that rebound from 1.3299 has completed at 1.3668. Fall from there could be another down leg in the corrective pattern from 1.3976. Intraday bias is back on the downside for 1.3299 support. On the upside, break of 1.3668 will resume the rebound 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 W EMA (now at 1.3302) is needed to confirm medium term topping. Otherwise, outlook will remain bullish even in case of deep pull back.