Daily Pivots: (S1) 1.2195; (P) 1.2266; (R1) 1.2361; More….

USD/CAD’s rebound from 1.2061 extended higher but it’s still limited below 1.2412 support turned resistance. Intraday bias remains neutral first. As noted before, we’d remain we’d remain cautious on strong support from 1.2049 key fibonacci level to bring sustainable rebound. But still, break of 1.2514 support turned resistance is needed to be the first sign of trend reversal. Otherwise, outlook will remain bearish. Firm break of 1.2049 key fibonacci level will pave the way to next fibonacci level at 1.1424.

In the bigger picture, current downside acceleration is raising the chance that whole long term rise from 0.9406 (2011 low), and that from 0.9056 (2007 low) is completed at 1.4689. Focus is now on 50% retracement of 0.9406 to 1.4869 at 1.2048. As long as this level holds, we’d still favor that case that fall from 1.4689 is a correction. However, firm break of 1.2048 will indicate that fall fro 1.4689 is at least a medium term down trend and should target 61.8% retracement at 1.1424 and below.

Daily Pivots: (S1) 1.3100; (P) 1.3120; (R1) 1.3151; More…

Intraday bias in USD/CAD remains neutral as it’s staying in range of 1.3037/3145. On the upside, break of 1.3145 resistance will indicate short term bottoming, with bullish convergence condition in 4 hour MACD. Further rise should then be seen to 1.3239 support turned resistance. On the downside, sustained trading below 1.3052/68 cluster support will carry larger bearish implication, and bring further fall to 1.2673 fibonacci level next.

In the bigger picture, medium term outlook stays neutral for now even though the case of bearish reversal is building 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) 1.2339; (P) 1.2425; (R1) 1.2497; More….

Intraday bias in USD/CAD remains on the downside for the moment. Current momentum argues that larger down trend from 1.4689 might be resuming. Deeper fall should be seen back to retest 1.2061 low first. On the upside, above 1.2480 minor resistance will turn bias neutral and bring consolidation before staging another decline.

In the bigger picture, current development argues that rebound from 1.2061 has completed at 1.2919, rejected by 55 week EMA (now at 1.2850) and kept below 38.2% retracement of 1.4689 to 1.2061 at 1.3065. The development also suggests that long term fall from 1.4689 is not completed yet. Decisive break of 1.2061 low will target 61.8% retracement of 0.9406 to 1.4689 at 1.1424. This will now be the favored case as long as 1.2929 resistance holds.

Daily Pivots: (S1) 1.3187; (P) 1.3240; (R1) 1.3320; More…

USD/CAD’s sharp decline suggests that a temporary top is at least formed at 1.3289. But it’s staying above 1.3063 so far and intraday bias is turned neutral first. On the downside, break of 1.3063 will extend the corrective decline from 1.3385 with another falling leg. USD/CAD should then target channel support (now at 1.2880). For now, we’d expect strong support from there to bring rebound. On the upside, above 1.3289 will bring retest of 1.3385 high instead.

In the bigger picture, as long as channel support (now at 1.2880) 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) 1.3200; (P) 1.3260; (R1) 1.3291; More…

USD/CAD retreated sharply after hitting 1.3318 and intraday bias is turned neutral first. Some consolidations would be seen. But near term outlook remains bullish as long as 1.3141 support holds. On the upside, above 1.3318 will extend the rise from 1.2781 to 1.3385 resistance. Decisive break there will resume larger up trend from 1.2061 to 1.3685 fibonacci level next.

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) 1.2908; (P) 1.2952; (R1) 1.2992; More…

USD/CAD is staying in consolidation from 1.3077 and intraday bias remains neutral. 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) 1.3480; (P) 1.3500; (R1) 1.3521; More…

Intraday bias in USD/CAD remains on the upside at this point. Current rise is part of larger rally from 1.3068 and should target 1.3664 high. For now, break of 1.3429 support is needed to be the first sign of near term reversal. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3321). Thus, the up trend from 1.2061 (2017 low) should be in progress. On the upside, decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will pave the way to 78.6% retracement at 1.4127 next. This will remain the favored case as long as 1.3068 support holds. However, sustained break of the channel support will be the first sign of medium term reversal. Firm break of 1.3068 would confirm.

Daily Pivots: (S1) 1.3120; (P) 1.3145; (R1) 1.3184; More…

USD/CAD’s rise from 1.2781 is still in progress and edges higher today. While upside momentum is diminishing, current rally is still expected to continue to 1.3225 resistance. Decisive break there will confirm that whole choppy decline from 1.3385 has completed. And in that case, further rally should be seen to retest 1.3385. On the downside, however, break of 1.3068 support will mix up the outlook again and turn bias back to the downside.

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) 1.3124; (P) 1.3144; (R1) 1.3170; More….

USD/CAD is staying in consolidation above 1.3099 temporary low and intraday bias remains neutral first. Further fall is still expected as long as 1.3242 support turned resistance holds. Below 1.3099 will target a test on 1.2994 low first. Firm break of 1.2994 will confirm and target 61.8% projection of 1.4667 to 1.2994 from 1.3418 at 1.2384. On the upside, though, break of 1.3242 support turned resistance will dampen this bearish case and turn bias to the upside for 1.3418 resistance instead.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, firm break of 1.3715 resistance will argue that this falling leg has completed and turn focus back to 1.4667/89 resistance zone.

Daily Pivots: (S1) 1.3179; (P) 1.3222; (R1) 1.3251; More….

USD/CAD’s break of 1.3191 temporary low suggests resumption of fall from 1.4667. Intraday bias in back on the downside for long term fibonacci level at 1.3056. On the upside, break of 1.3271 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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) 1.2661; (P) 1.2722; (R1) 1.2753; More….

USD/CAD’s break of 1.2798 resistance should confirm short term bottoming at 1.2588, on bullish convergence condition in 4 hour MACD. Intraday bias is back on the upside for 1.2957/94 resistance zone. On the downside, break of 1.2684 minor support will argue that the rebound has completed and bring retest of 1.2588 low.

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) 1.2728; (P) 1.2762; (R1) 1.2797; More…

Intraday bias in USD/CAD stays on the downside. Fall from 1.3222 is in progress to 61.8% projection of 1.3222 to 1.2766 from 1.2984 at 1.2702. Firm break there will target 100% projection at 1.2528, which is close to 1.2516 key support. On the upside, above 1.2837 minor resistance will turn intraday bias neutral first. But further decline will remain in favor as long as 1.2984 resistance holds, in case of recovery.

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) 1.4125; (P) 1.4195; (R1) 1.4276; More….

Intraday bias in USD/CAD remains on the upside at this point. Corrective decline from 1.4667 should have completed at 1.3855. Break of 1.4349 resistance will pave the way to 1.4667/4689 key resistance zone. On the downside, break of 1.4005 minor support will extend the correction with another fall. But downside should be contained by 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound.

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 by 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) 1.3142; (P) 1.3193; (R1) 1.3218; More….

USD/CAD is staying in range above 1.3091 and intraday bias stays neutral at this point. With 1.3386 resistance intact, outlook stays bearish. On the downside, break of 1.3091 will 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.

Daily Pivots: (S1) 1.3519; (P) 1.3536; (R1) 1.3550; More…

USD/CAD’s break of 1.3605 resistance suggests that whole rise from 1.3176 is resuming. Intraday bias is back on the upside for 61.8% projection of 1.3176 to 1.3540 from 1.3419 at 1.3644 first. Decisive break there could prompt upside acceleration to 100% projection at 1.3783 next. On the downside, below 1.3527 minor support will turn intraday bias neutral first. But outlook will stay bullish as long as 1.3419 support holds.

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) 1.2348; (P) 1.2375; (R1) 1.2399; More…

USD/CAD is still extending the consolidation pattern from 1.2286 and intraday bias remains neutral. In case of stronger recovery, upside should be limited by 1.2497 resistance. On the downside, break of 1.2286 will resume the fall from 1.2947 to 161.8% projection of 1.2947 to 1.2492 from 1.2894 at 1.2158 next.

In the bigger picture, the rejection by 38.2% retracement of 1.4667 to 1.2005 at 1.3022 argues that rebound from 1.2005 is merely a corrective rise, which is complete. More importantly, the down trend from 1.4667 (2020 high) is not over yet. Sustained break of 1.2005 will extend the down trend to next long term fibonacci level at 61.8% retracement of 0.9406 to 1.4689 at 1.1424. In any case, outlook will not turn bullish as long as 1.2947 resistance holds.

Daily Pivots: (S1) 1.3462; (P) 1.3496; (R1) 1.3519; More….

Intraday bias in USD/CAD stays on the downside at this point. Current fall from 1.3693 is seen as another falling leg in the corrective pattern from 1.3976. Deeper decline would be seen to 61.8% retracement of 1.3091 to 1.3693 at 1.3321. Sustained break there will target 1.3091 support next. On the upside, above 1.3492 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.

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) 1.2078; (P) 1.2110; (R1) 1.2166; More…

Intraday bias in USD/CAD remains neutral at this point, and outlook is unchanged. On the upside, break of 1.2201 resistance will indicate short term bottoming, on strong support from 1.2061 support zone. Intraday bias will be turned back to the upside for rebound. However, break of 1.2061 support will carry larger bearish implications. Next 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’re 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 1.2653 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.

USD/CAD dropped sharply to as low as 1.2450 last week and there is no sign of bottoming yet. Initial bias stays on the downside this week for 1.2421 key structural support. Sustained break there will argue that whole choppy rise from 1.2005 has completed. Deeper fall could then be seen back to retest 1.2005 low. On the upside, though, break of 1.2592 support turned resistance will turn bias back to the upside for 1.2773 resistance first.

In the bigger picture, the failure to sustain above 55 week EMA (now at 1.2684) revives some medium term bearishness in USD/CAD. Still as long as 1.2005 support holds, we’d expect another rise ahead, to 38.2% retracement of 1.4667 to 1.2005 at 1.3022. Sustained break there will indicate larger bullish reversal. However, firm break of 1.2005 will resume the down trend from 1.4667 (2020 high) .

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, rejection by 55 month EMA, follow by firm break of 1.2061 support, will argue that USD/CAD has already started a long term down trend.

Daily Pivots: (S1) 1.2708; (P) 1.2739; (R1) 1.2799; More….

USD/CAD’s correction from 1.2916 is still in progress and intraday bias stays neutral. Deeper decline could still be seen. . But we’d expect downside to be contained by 1.2598 resistance turned support and bring rebound. Above 1.2836 minor resistance will turn bias back to the upside for 1.2916 first. Further break of 1.2916 will resume whole rally from 1.2061 to 38.2% retracement of 1.4689 to 1.2061 at 1.3065. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2895). Near term outlook will be turned bearish in this case.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.