USD/CAD recovered to 1.3375 last week but was rejected by 38.2% retracement of 1.3664 to 1.3180 at 1.3365. Subsequent decline suggests that fall from 1.3664 is resuming. Initial bias is now on the downside this week for 1.3180 support first. Break will confirm this case and target 61.8% projection of 1.3664 to 1.3180 from 1.3375 at 1.3076 next. In case of recovery, risk will remains on the downside as long as 1.3375 resistance holds.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) is not clearly impulsive so far. 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 1.3036) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

In the longer term picture, corrective fall from 1.4689 (2015 high) should have completed with three waves down to 1.2061, just ahead of 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. The development keeps long term up trend from 0.9406 and that from 0.9056 (2007 low) intact. For now, there is prospect of extending the long term up trend through 1.4689.

Daily Pivots: (S1) 1.3332; (P) 1.3354; (R1) 1.3377; More…

USD/CAD retreats after hitting 38.2% retracement of 1.3664 to 1.3180 at 1.3365. Intraday bias is turned neutral first. On the upside, firm break of 1.3665 will extend the rebound from 1.3180 to t 61.8% retracement at 1.3479. We’d look for strong resistance from 1.3479 to limit upside. On the downside, break of 1.3231 will likely resume fall from 1.3664 to 61.8% retracement of 1.2781 to 1.3664 at 1.3118.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.3036) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

Daily Pivots: (S1) 1.3305; (P) 1.3338; (R1) 1.3378; More…

No change in USD/CAD’s outlook and intraday bias remains mildly on the upside. Break of 38.2% retracement of 1.3664 to 1.3180 at 1.3365 will target 61.8% retracement at 1.3479. We’d look for strong resistance from 1.3479 to limit upside. On the downside, break of 1.3231 will likely resume fall from 1.3664 to 61.8% retracement of 1.2781 to 1.3664 at 1.3118.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.3036) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

Daily Pivots: (S1) 1.3313; (P) 1.3336; (R1) 1.3380; More…

Intraday bias in USD/CAD remains mildly on the upside. Rebound from 1.3180 short term bottom is still in progress. Break of 38.2% retracement of 1.3664 to 1.3180 at 1.3365 will target 61.8% retracement at 1.3479. We’d look for strong resistance from 1.3479 to limit upside. On the downside, break of 1.3231 will likely resume fall from 1.3664 to 61.8% retracement of 1.2781 to 1.3664 at 1.3118.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.3036) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

Daily Pivots: (S1) 1.3261; (P) 1.3290; (R1) 1.3326; More…

USD/CAD’s rebound from 1.3180 extends today. Break of 1.3323 minor resistance suggests short term bottoming. Intraday bias is turned back to the upside for retesting 1.3664 high. We’d be cautious on strong resistance from there to limit upside. On the downside, break of 1.3180 will resume the fall from 1.3664 to 61.8% retracement of 1.2781 to 1.3664 at 1.3118.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.3036) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

Daily Pivots: (S1) 1.3239; (P) 1.3262; (R1) 1.3289; More…

Intraday bias in USD/CAD remains neutral as consolidation from 1.3180 is in progress. With 1.3323 minor resistance intact, further decline is expected. On the downside, break of 1.3180 will resume the fall from 1.3664 to 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start look for bottoming sign below there. On the upside, above 1.3323 will suggest short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.3036) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

USD/CAD stayed in consolidation above 1.3180 temporary low last week and outlook is unchanged. Initial bias remains neutral this week first. With 1.3323 minor resistance intact, further decline is expected. On the downside, break of 1.3180 will resume the fall from 1.3664 to 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start look for bottoming sign below there. On the upside, above 1.3323 will suggest short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.3036) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

In the longer term picture, corrective fall from 1.4689 (2015 high) should have completed with three waves down to 1.2061, just ahead of 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. The development keeps long term up trend from 0.9406 and that from 0.9056 (2007 low) intact. For now, there is prospect of extending the long term up trend to 61.8% projection of 0.9406 to 1.4689 from 1.2061 at 1.5326 in medium to long term.

Daily Pivots: (S1) 1.3245; (P) 1.3283; (R1) 1.3317; More…

USD/CAD dips notably today but stays above 1.3180 temporary low. Intraday bias remains neutral first. With 1.3323 resistance intact, further decline is expected. On the downside, break of 1.3180 will resume the fall from 1.3664 and target 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start to look for bottoming sign below there. On the upside, above 1.3323 will suggest short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

Daily Pivots: (S1) 1.3245; (P) 1.3283; (R1) 1.3317; More…

USD/CAD is staying in consolidation from 1.3180 and intraday bias remains neutral at this point. On the downside, break of 1.3180 will resume the fall from 1.3664 and target 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start to look for bottoming sign below there. On the upside, above 1.3323 will suggest short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

Daily Pivots: (S1) 1.3234; (P) 1.3259; (R1) 1.3284; More…

USD/CAD’s consolidation from 1.3180 is in progress but stays below 1.3323 minor resistance. Intraday bias remains neutral first. On the downside, break of 1.3180 will resume the fall from 1.3664 and target 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start to look for bottoming sign below there. On the upside, above 1.3323 will suggest short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

Daily Pivots: (S1) 1.3231; (P) 1.3263; (R1) 1.3301; More…

Consolidation from 1.3180 is still in progress and intraday bias stays neutral first. Recovery should be limited by 1.3323 minor resistance to bring another decline. On the downside, break of 1.3180 will resume the fall from 1.3664 and target 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start to look for bottoming sign below there. On the upside, above 1.3323 will suggest short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

Daily Pivots: (S1) 1.3256; (P) 1.3277; (R1) 1.3302; More…

Intraday bias in USD/CAD stays neutral as consolidation from 1.3180 is still in progress. Recovery should be limited by 1.3323 minor resistance to bring another decline. On the downside, break of 1.3180 will resume the fall from 1.3664 and target 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start to look for bottoming sign below there. On the upside, above 1.3323 will suggest short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

USD/CAD’s fall from 1.3664 accelerate through 55 day EMA last week and reached as low as 1.3180. A temporary low is in place and initial bias is neutral this week work. But further decline is expected as long as 1.3323 minor resistance holds. Break of 1.3180 will target 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start look for bottoming sign below there. On the upside, above 1.3323 will suggest short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.3016) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

In the longer term picture, corrective fall from 1.4689 (2015 high) should have completed with three waves down to 1.2061, just ahead of 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. The development keeps long term up trend from 0.9406 and that from 0.9056 (2007 low) intact. For now, there is prospect of extending the long term up trend to 61.8% projection of 0.9406 to 1.4689 from 1.2061 at 1.5326 in medium to long term.

Daily Pivots: (S1) 1.3207; (P) 1.3233; (R1) 1.3265; More…

Intraday bias in USD/CAD is turned neutral as the consolidation fro 1.3180 temporary low might extend. But recovery should be limited by 1.3323 minor resistance to bring another decline. On the downside, break of 1.3180 will resume the fall from 1.3664 and target 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start look for bottoming sign below there. On the upside, above 1.3323 will suggest short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

Daily Pivots: (S1) 1.3167; (P) 1.3224; (R1) 1.3269; More…

USD/CAD’s fall from 1.3664 reached as low as 1.3180 so far. Downside momentum is diminishing as seen in 4 hour MACD. But there is no clear sign of bottoming yet. Intraday bias stays on the downside for 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start look for bottoming sign below there. On the upside, above 1.3267 minor resistance will turn bias neutral first. But risk will stay on the downside as long as 4 hour 55 EMA (now at 1.3394) remains intact.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

Daily Pivots: (S1) 1.3254; (P) 1.3288; (R1) 1.3309; More…

USD/CAD dives further to as low as 1.3180 so far. Intraday bias remains on the downside and fall from 1.3664 should target 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start look for bottoming sign below there. On the upside, above 1.3267 minor resistance will turn bias neutral first. But risk will stay on the downside as long as 4 hour 55 EMA (now at 1.3420) remains intact.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

Daily Pivots: (S1) 1.3254; (P) 1.3288; (R1) 1.3309; More…

USD/CAD drops further to as low as 1.3226 so far today as fall from 1.3664 extends. There is no sign of bottoming yet. Intraday bias stays on the downside for 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll look for bottoming sign below there. On the upside, above 1.3323 minor resistance will turn bias neutral first.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

Daily Pivots: (S1) 1.3256; (P) 1.3323; (R1) 1.3368; More…

USD/CAD’s decline from 1.3664 extends to as low as 1.3303 so far, and broke mentioned 38.2% retracement of 1.2781 to 1.3664 at 1.3327, which is close to 55 day EMA (now at 1.3324). Intraday bias stays on the downside and further fall would now be seen to 61.8% retracement at 1.3118. Break there will put key channel support (now at 1.2993) into focus. On the upside, above 1.3369 minor resistance will turn intraday neutral first. But even in case of recovery, risk will now stay on the downside as long as 1.3664 resistance holds.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

Daily Pivots: (S1) 1.3331; (P) 1.3415; (R1) 1.3458; More…

Intraday bias in USD/CAD remains on the downside as the pull back from 1.3664 short term top is in progress. As such decline we’d expect strong support from 38.2% retracement of 1.2781 to 1.3664 at 1.3327, which is close to 55 day EMA (now at 1.3324), to contain downside and bring rebound. On the upside, above 1.3469 minor resistance will turn bias back to the upside for retesting 1.3664 high. However, sustained break of 1.3327 will bring deeper fall to 61.8% retracement at 1.3118 instead.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

USD/CAD formed a short term top at 1.3664 last week, just ahead of 1.3685 long term fibonacci level, and dropped sharply from there. Initial bias remains on the downside this week for 38.2% retracement of 1.2781 to 1.3664 at 1.3327, which is close to 55 day EMA (now at 1.3324). As such decline is viewed as a corrective move for now, we’d expect strong support from 1.3327 to contain downside to bring rebound. On the upside, above 1.3495 minor resistance will turn bias back to the upside for retesting 1.3664 high. However, sustained break of 1.3327 will bring deeper fall to 61.8% retracement at 1.3118 instead.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

In the longer term picture, corrective fall from 1.4689 (2015 high) should have completed with three waves down to 1.2061, just ahead of 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. The development keeps long term up trend from 0.9406 and that from 0.9056 (2007 low) intact. For now, there is prospect of extending the long term up trend to 61.8% projection of 0.9406 to 1.4689 from 1.2061 at 1.5326 in medium to long term.