Daily Pivots: (S1) 1.3564; (P) 1.3611; (R1) 1.3639; More….

USD/CAD is extending the consolidation from 1.3664 and intraday bias stays neutral first. Further rally is in favor as long as 1.3474 resistance turned support holds. Break of 1.3664 will resume the rise from 1.3261. Sustained trading above 1.3684 will confirm that corrective pattern from 1.3976 has completed, and bring retest of this high.

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) 1.3027; (P) 1.3101; (R1) 1.3249; More…

USD/CAD rebounded strongly after dipping to 1.2952, but stays below 1.3207. Intraday bias remains neutral 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 1.2952 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.

Daily Pivots: (S1) 1.2535; (P) 1.2570; (R1) 1.2599; More…

USD/CAD continues to lose downside momentum. But still, further decline is expected with 1.2629 resistance intact. Fall from 1.2899 would target retesting 1.2448 support. Nevertheless, on the upside, break of 1.2692 will mix up the outlook 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.

USD/CAD stayed in consolidation below 1.3664 last week and outlook is unchanged. Initial bias remains neutral first. Corrective pattern from 1.3976 should have completed at 1.3261. Break of 1.3664 will resume the rise from 1.3261. Sustained trading above 1.3684 will confirm this bullish case and bring retest of 1.3976.

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.

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 1.2995) holds.

Daily Pivots: (S1) 1.2983; (P) 1.3041; (R1) 1.3113; More…

Intraday bias in USD/CAD remains on the downside for 1.2916 support. Current development suggests rejection by near term channel resistance, on bearish divergence condition in 4 hour MACD. Break of 1.2916 will likely extend the choppy corrective fall from 1.3385 through 1.2781 low. On the upside, break of 1.3132 resistance is now needed to confirm rise resumption. Otherwise, risk will remain on the downside even in case of recovery.

In the bigger picture, rejection from the channel resistance from 1.3385 suggests that such corrective fall is not completed yet. And, a new low below 1.2781 would likely be seen. Nevertheless, we’d expect strong support inside 1.2527/1.2723 zone to contain downside to resume the up trend from 1.2061. The support zone represents 50% and 61.8% retracement of 1.2061 to 1.3385. On the upside, break of 1.3132 resistance will target a test on 1.3385 high.

Daily Pivots: (S1) 1.3300; (P) 1.3349; (R1) 1.3411; More…

Further rise is in favor in USD/CAD with 1.3286 minor support intact. Current rise from 1.3176 short term bottom would target 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.

USD/CAD edged higher to 1.3790 last week but retreated since then. Intraday bias remains neutral this week first. Corrective fall from 1.3845 should have completed already. Further rally is expected as long as 1.3662 support holds. Break of 1.3790 will target a retest on 1.3845 first. Nevertheless, break of 1.3662 will turn bias to the downside to extend the corrective pattern from 1.3845 with another falling leg.

In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern. 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.

In the longer term picture, price actions from 1.4689 (2016 high) are seen as a consolidation pattern, 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 1.2947 resistance turned support holds.

Daily Pivots: (S1) 1.2602; (P) 1.2625; (R1) 1.2659; More….

USD/CAD recovered again after hitting 1.2588 and intraday bias is turned neutral, with 4 hour MACD back above signal line too. Some consolidations could be seen but outlook stays bearish with 1.2798 resistance intact. Break of 1.2588 will resume larger down trend from 1.4667. Next target is 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) 1.3268; (P) 1.3308; (R1) 1.3366; More…

USD/CAD dipped to 1.3250 overnight but quickly recovered. With 4 hour MACD crossed above signal line again, intraday bias is turned neutral. Further decline remains in favor as long as 1.3371 minor resistance holds. Below 1.3068/3112 support zone. Decisive there will indicate larger reversal and turn outlook bearish. On the upside, though, break of 1.3371 minor resistance will turn intraday back to the upside for 1.3467 resistance. Further break of 1.3467 will revive near term bullishness for 1.3664 key resistance.

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 1.3157) 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) 1.2440; (P) 1.2474; (R1) 1.2519; More…

USD/CAD recovered after dipping to 1.2428 and intraday bias is turned neutral again first. Further decline is expected as long as 1.2591 resistance holds. Corrective pattern from 1.2005 could have completed already. Firm break of 1.2448 support should confirm this bearish case and bring retest of 1.2005. On the upside, nevertheless, break of 1.2591 resistance will turn bias back to the upside for 1.2899 resistance 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) 1.3272; (P) 1.3286; (R1) 1.3294; More…

Intraday bias in USD/CAD remains neutral as consolidation from 1.3327 is extending. In case of deeper retreat, downside should be contained by 1.3190 support bring rise resumption. On the upside, break of 1.3327 will resume the rise from 1.3042 to 1.3347/82 resistance zone. Firm break there will suggest completion of consolidation from 1.3664. However, break of 1.3190 will indicate completion of the rebound and turn bias back to the downside for 1.3042 support.

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) 1.2334; (P) 1.2391; (R1) 1.2428; More…

Intraday bias in USD/CAD remains on the downside for the moment. Current fall from 1.2947 should target 161.8% projection of 1.2947 to 1.2492 from 1.2894 at 1.2158 next. On the upside, above 1.2497 minor resistance will turn intraday bias neutral and bring consolidations. But risk will now remain on the downside as long as 1.2592 support turned resistance holds.

In the bigger picture, current development suggests that rebound from 1.2005 has already completed after rejection by 38.2% retracement of 1.4667 to 1.2005 at 1.3022. That in turn argues that down trend form 1.4667 (2020 high) is not completed. Medium term bearishness is also affirmed by the failure to sustain above 55 week EMA. Break of 1.2005 will resume the down trend to next long term fibonacci level at 61.8% retracement of 0.9406 to 1.4689 at 1.1424.

Daily Pivots: (S1) 1.2609; (P) 1.2659; (R1) 1.2692; More….

USD/CAD recovered after breaching 1.2629 and intraday bias remains neutral first. On the downside, decisive break of 1.2629 support will resumption whole down trend form 1.4667. Next target is 61.8% projection of 1.4667 to 1.2994 from 1.3389 at 1.2355. On the upside, break of 1.2834 resistance will extend the consolidation from 1.2629 with another rise to 1.2957 resistance.

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) 1.3481; (P) 1.3519; (R1) 1.3544; More….

Intraday bias in USD/CAD stays neutral for the moment. Overall, further rally is expected as long as 1.3488 support holds. Above 1.3693 will resume the rally from 1.3091 to 1.3860 resistance, and then 1.3976 high. However, firm break of 1.3488 will turn bias to the downside for deeper decline.

In the bigger picture, price actions from 1.3976 are viewed as a corrective pattern. Strong support from 55 D EMA (now at 1.3465) will solidify the case that it has completed with three waves down to 1.3091 already. Break of 1.3976 will target 61.8% projection of 1.2005 to 1.3976 from 1.3091 at 1.4309. However, sustained break of 55 D EMA will indicate that the pattern is extending with another falling leg before completion.

Daily Pivots: (S1) 1.3163; (P) 1.3198; (R1) 1.3234; More….

No change in USD/CAD’s outlook as intraday bias remains neutral. Outlook will remain bearish as long as 1.3386 resistance holds. Break of 1.3091 will resume larger decline to 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.

USD/CAD continued to gyrate in tight range around 1.2048/61 support zone last week. Outlook is unchanged and initial bias remains neutral this week first. We’d stay cautious on strong support from 1.2048/61 to bring reversal. On the upside, break of 1.2201 resistance will indicate short term bottoming and turn bias to the upside for stronger rebound. However, sustained break of 1.2048/61 will carry larger bearish implications. Next near term target will be 161.8% projection of 1.2880 to 1.2363 from 1.2653 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). We’d look for strong support from 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048 to bring rebound. Nevertheless, sustained break of 1.2363 support turned 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.

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 stay. 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.

Daily Pivots: (S1) 1.2764; (P) 1.2819; (R1) 1.2875; More…

Intraday bias in USD/CAD remains neutral and further rise is mildly in favor with 1.2712 support intact. On the upside, break of 1.3075 will resume the rise from 1.2401. Sustained trading above 1.3022 fibonacci level will carry larger bullish implications. Next target will be 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343. On the downside, however, break of 1.2712 support will indicate rejection by 1.3022 key fibonacci resistance, and bring deeper decline back to 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) 1.2855; (P) 1.2881; (R1) 1.2907; More…

Intraday bias in USD/CAD remains mildly on the downside at this point. Break of 1.2818 support will bring deeper fall back to 1.2516 key support. On the upside, above 1.2988 minor resistance will turn bias back to the upside for retesting 1.3222 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.

Daily Pivots: (S1) 1.3420; (P) 1.3462; (R1) 1.3539; More….

USD/CAD’s rise from 1.3224 resumed by breaking through 1.3494 resistance finally. The development adds to the case that correction from 1.3976 has completed at 1.3224. Intraday bias is now back on the upside. Further break of 100% projection of 1.3224 to 1.3494 from 1.3315 at 1.3585 should prompt upside acceleration to 161.8% projection at 1.3752. This will now remain the favored case as long as 1.3315 support holds, in case of retreat.

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) 1.3351; (P) 1.3386; (R1) 1.3428; More….

USD/CAD is staying in consolidation above 1.3299 and intraday bias remains neutral. Overall, 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.