Daily Pivots: (S1) 1.3023; (P) 1.3061; (R1) 1.3106; More…

USD/CAD surges to as high as 1.3141 so far today. The break of 1.3132 resistance indicates resumption of rise from 1.2781. More importantly, the break of near term channel resistance argues that the corrective fall from 1.3385 has completed. Intraday bias is now on the upside for 1.3225 resistance. Firm break there will confirm this bullish case and target 1.3385 high and above. On the downside, break of 1.2969 support is needed to indicate completion of the rebound. Otherwise, outlook will stay cautiously bullish in case of retreat.

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 resume 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) 1.2983; (P) 1.3041; (R1) 1.3113; More…

USD/CAD’s strong rebound today dampens the bearish case and intraday bias is turned neutral first. On the upside, break of 1.3132 resistance will also have near term falling channel taken out. That will add to the case that whole fall from 1.3385 has completed. Intraday bias will be turned back to the upside for 1.3225 resistance for confirmation. On the downside, break of 1.2969 should finally confirm completion of rebound form 1.2781. Intraday bias will be turned back to the downside for this 1.2781 support.

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) 1.2983; (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) 1.3066; (P) 1.3094; (R1) 1.3112; More…

USD/CAD’s sharp fall and break of 1.3027 minor support suggests that rise from 1.2781 has completed at 1.3132 already, after rejection by near term channel resistance. This is also supported by bearish divergence condition in 4 hour MACD. Intraday bias is turned back to the downside for 1.2916 support first. Also, current development suggests that choppy corrective decline fro 1.3385 is not completed yet. Break of 1.2916 will likely send USD/CAD 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) 1.3066; (P) 1.3094; (R1) 1.3112; More…

Intraday bias in USD/CAD is neutral as consolidation from 1.3132 temporary top extends. As long as 1.3027 minor support holds, further rally is expected. On the upside, above 1.3132 will target 1.3225 resistance first. Decisive break there will confirm that corrective decline from 1.3385 has completed at 1.2781. In that case, retest of 1.3385 high should be seen next. On the downside, however, break of 1.3027 minor support will suggest rejection by channel resistance. Intraday bias will be turned back to the downside for 1.2916 and below.

In the bigger picture, current development argues that choppy corrective fall from 1.3385 has completed at 1.2781 already. And that in turns suggests that the up trend from 1.2061 is still in progress. Decisive break of 1.3385 will pave the way to 61.8% retracement of 1.4689 to 1.2061 at 1.3685. On the downside, though, break of 1.2916 support will likely extend the fall from 1.3385 to 61.8% retracement of 1.2061 to 1.3385 at 1.2567 before completion.

Daily Pivots: (S1) 1.3077; (P) 1.3103; (R1) 1.3127; More…

USD/CAD lost some upside momentum as seen in 4 hour MACD. But for now, as long s 1.3027 minor support intact, further rise is expected for 1.3225 resistance. Decisive break there will confirm that corrective decline from 1.3385 has completed at 1.2781. In that case, retest of 1.3385 high should be seen next. On the downside, however, break of 1.3027 minor support will suggests rejection from channel resistance. Intraday bias will be turned back to the downside for 1.2916 and below.

In the bigger picture, current development argues that choppy corrective fall from 1.3385 has completed at 1.2781 already. And that in turns suggests that the up trend from 1.2061 is still in progress. Decisive break of 1.3385 will pave the way to 61.8% retracement of 1.4689 to 1.2061 at 1.3685. On the downside, though, break of 1.2916 support will likely extend the fall from 1.3385 to 61.8% retracement of 1.2061 to 1.3385 at 1.2567 before completion.

Daily Pivots: (S1) 1.3042; (P) 1.3088; (R1) 1.3148; More…

Intraday bias in USD/CAD remains on the upside at this point. The choppy decline from 1.3385 could have completed at 1.2781 already. Firm break of 1.3225 should confirm this bullish case and target 1.3385 high next. On the downside, below 1.3027 minor support will turn intraday bias neutral first. But as long as 1.2916 support holds, further rally will remain mildly in favor in case of retreat.

In the bigger picture, current development argues that choppy corrective fall from 1.3385 has completed at 1.2781 already. And that in turns suggests that the up trend from 1.2061 is still in progress. Decisive break of 1.3385 will pave the way to 61.8% retracement of 1.4689 to 1.2061 at 1.3685. On the downside, though, break of 1.2916 support will likely extend the fall from 1.3385 to 61.8% retracement of 1.2061 to 1.3385 at 1.2567 before completion.

USD/CAD’s rebound from 1.2781 extended to as high as 1.3132 last week. The break of 1.3081 minor resistance argues that whole choppy fall from 1.3385 has completed at 1.2781. Initial bias stays on the upside this week for 1.3225 first. Break will confirm this bullish case and target 1.3385 high next. On the downside, below 1.3027 minor support will turn intraday bias neutral first. But as long as 1.2916 support holds, further rally will remain mildly in favor in case of retreat.

In the bigger picture, current development argues that choppy corrective fall from 1.3385 has completed at 1.2781 already. And that in turns suggests that the up trend from 1.2061 is still in progress. Decisive break of 1.3385 will pave the way to 61.8% retracement of 1.4689 to 1.2061 at 1.3685. On the downside, though, break of 1.2916 support will likely extend the fall from 1.3385 to 61.8% retracement of 1.2061 to 1.3385 at 1.2567 before completion.

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) 1.3036; (P) 1.3063; (R1) 1.3112; More…

USD/CAD’s rally extends to as high as 1.3119 so far today. The strong break of 1.3081 resistance is taken as first sign of completion of whole choppy fall from 1.3385. Intraday bias remains on the upside for 1.3225 resistance to confirm this bullish case. Decisive break there will pave the way to retest 1.3385 high. On the downside, below 1.3027 minor support will turn intraday bias neutral first. But as long as 1.2916 support holds, further rally will remain mildly in favor in case of retreat.

In the bigger picture, current development argues that choppy corrective fall from 1.3385 has completed at 1.2781 already. And that in turns suggests that the up trend from 1.2061 is still in progress. Decisive break of 1.3385 will pave the way to 61.8% retracement of 1.4689 to 1.2061 at 1.3685. On the downside, though, break of 1.2916 support will likely extend the fall fro 1.3385 to 61.8% retracement of 1.2061 to 1.3385 at 1.2567 before completion.

Daily Pivots: (S1) 1.3036; (P) 1.3063; (R1) 1.3112; More…

USD/CAD’s rebound from 1.2781 resumed by taking out 1.3070 and intraday bias is back on the upside. Sustained trading above 1.3081 resistance will be the first sign of completion of whole choppy fall from 1.3385. In that case, near term outlook will be turned bullish for 1.3225 resistance for confirmation. For now, as long as 1.2916 minor support holds, further rally will remain mildly in favor in case of retreat.

In the bigger picture, corrective rebound from 1.2061 could have completed at 1.3385 already. Deeper fall is mildly in favor to 61.8% retracement of 1.2061 to 1.3385 at 1.2567, which is close to 1.2526 support. For now, we’re not seeing fall from 1.3385 as resuming larger down trend from 1.4689 (2015 high) yet. Thus, we’ll look for bottoming signal again below 1.2567 . On the upside, though, break of 1.3081 resistance will argue that the pull back from 1.3385 is completed and rise from 1.2061 is resuming for another high above 1.3385.

Daily Pivots: (S1) 1.2962; (P) 1.2995; (R1) 1.3057; More…

Intraday bias in USD/CAD remains neutral at this point. On the downside, firm break of 1.2926 will turn bias to the downside for 1.2781 instead. That would also argue that fall from 1.3385 is still in progress for another low. On the upside, break of 1.3081 resistance will be the first sign of completion of whole choppy fall from 1.3385. In that case, near term outlook will be turned bullish for 1.3225 resistance for confirmation.

In the bigger picture, corrective rebound from 1.2061 could have completed at 1.3385 already. Deeper fall is mildly in favor to 61.8% retracement of 1.2061 to 1.3385 at 1.2567, which is close to 1.2526 support. For now, we’re not seeing fall from 1.3385 as resuming larger down trend from 1.4689 (2015 high) yet. Thus, we’ll look for bottoming signal again below 1.2567 . On the upside, though, break of 1.3081 resistance will argue that the pull back from 1.3385 is completed and rise from 1.2061 is resuming for another high above 1.3385.

Daily Pivots: (S1) 1.2899; (P) 1.2949; (R1) 1.2984; More…

USD/CAD breached 1.2926 as fall from 1.3070 extends but it recovers quickly. Intraday bias is turned neutral first. On the downside, firm break of 1.2926 will turn bias to the downside for 1.2781 instead. That would also argue that fall from 1.3385 is still in progress for another low. On the upside, break of 1.3081 resistance will be the first sign of completion of whole choppy fall from 1.3385. In that case, near term outlook will be turned bullish for 1.3225 resistance for confirmation.

In the bigger picture, corrective rebound from 1.2061 could have completed at 1.3385 already. Deeper fall is mildly in favor to 61.8% retracement of 1.2061 to 1.3385 at 1.2567, which is close to 1.2526 support. For now, we’re not seeing fall from 1.3385 as resuming larger down trend from 1.4689 (2015 high) yet. Thus, we’ll look for bottoming signal again below 1.2567 . On the upside, though, break of 1.3081 resistance will argue that the pull back from 1.3385 is completed and rise from 1.2061 is resuming for another high above 1.3385.

Daily Pivots: (S1) 1.2947; (P) 1.3000; (R1) 1.3044; More…

Intraday bias in USD/CAD stays neutral first. On the upside, decisive break of 1.3081 will be the first sign of completion of whole choppy fall from 1.3385. In that case, near term outlook will be turned bullish for 1.3225 resistance for confirmation. On the downside, below 1.2886 minor support will turn bias to the downside for 1.2781 instead. That would also argue that fall from 1.3385 is still in progress for another low.

In the bigger picture, corrective rebound from 1.2061 could have completed at 1.3385 already. Deeper fall is mildly in favor to 61.8% retracement of 1.2061 to 1.3385 at 1.2567, which is close to 1.2526 support. For now, we’re not seeing fall from 1.3385 as resuming larger down trend from 1.4689 (2015 high) yet. Thus, we’ll look for bottoming signal again below 1.2567 . On the upside, though, break of 1.3081 resistance will argue that the pull back from 1.3385 is completed and rise from 1.2061 is resuming for another high above 1.3385.

Daily Pivots: (S1) 1.2999; (P) 1.3026; (R1) 1.3050; More…

Intraday bias in USD/CAD remains neutral at this point. On the upside, decisive break of 1.3081 will be the first sign of completion of whole choppy fall from 1.3385. In that case, near term outlook will be turned bullish for 1.3225 resistance for confirmation. On the downside, below 1.2886 minor support will turn bias to the downside for 1.2781 instead. That would also argue that fall from 1.3385 is still in progress for another low.

In the bigger picture, corrective rebound from 1.2061 could have completed at 1.3385 already. Deeper fall is mildly in favor to 61.8% retracement of 1.2061 to 1.3385 at 1.2567, which is close to 1.2526 support. For now, we’re not seeing fall from 1.3385 as resuming larger down trend from 1.4689 (2015 high) yet. Thus, we’ll look for bottoming signal again below 1.2567 . On the upside, though, break of 1.3081 resistance will argue that the pull back from 1.3385 is completed and rise from 1.2061 is resuming for another high above 1.3385.

Despite rebounding further last week, USD/CAD is held below 1.3081 resistance. With 4 hour MACD crossed below signal line again, initial bias is neutral this week first. On the upside, decisive break of 1.3081 will be the first sign of completion of whole choppy fall from 1.3385. In that case, near term outlook will be turned bullish for 1.3225 resistance for confirmation. On the downside, below 1.2886 minor support will turn bias to the downside for 1.2781 instead. That would also argue that fall from 1.3385 is still in progress for another low.

In the bigger picture, corrective rebound from 1.2061 could have completed at 1.3385 already. Deeper fall is mildly in favor to 61.8% retracement of 1.2061 to 1.3385 at 1.2567, which is close to 1.2526 support. For now, we’re not seeing fall from 1.3385 as resuming larger down trend from 1.4689 (2015 high) yet. Thus, we’ll look for bottoming signal again below 1.2567 . On the upside, though, break of 1.3081 resistance will argue that the pull back from 1.3385 is completed and rise from 1.2061 is resuming for another high above 1.3385.

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) 1.3010; (P) 1.3041; (R1) 1.3068; More…

USD/CAD failed to break through 1.3081 resistance and retreats with 4 hour MACD crossed below signal line. Intraday bias is turned neutral again. On the upside, decisive break of 1.3081 will be the first sign of completion of whole choppy fall from 1.3385. In that case, near term outlook will be turned bullish for 1.3225 resistance for confirmation. On the downside, below 1.2886 minor support will turn bias to the downside for 1.2781 first.

In the bigger picture, corrective rebound from 1.2061 could have completed at 1.3385 already. Deeper fall is mildly in favor to 61.8% retracement of 1.2061 to 1.3385 at 1.2567, which is close to 1.2526 support. For now, we’re not seeing fall from 1.3385 as resuming larger down trend from 1.4689 (2015 high) yet. Thus, we’ll look for bottoming signal again below 1.2567 . On the upside, though, break of 1.3081 resistance will argue that the pull back from 1.3385 is completed and rise from 1.2061 is resuming for another high above 1.3385.

Daily Pivots: (S1) 1.2972; (P) 1.3022; (R1) 1.3116; More…

USD/CAD’s rebound from 1.2781 extends to as high as 1.3068 so far. Focus is now on 1.3081 resistance. Decisive break there will be the first sign of completion of whole choppy fall from 1.3385. In that case, near term outlook will be turned bullish for 1.3225 resistance for confirmation. On the downside, below 1.2886 minor support will turn bias to the downside for 1.2781 first.

In the bigger picture, corrective rebound from 1.2061 could have completed at 1.3385 already. Deeper fall is mildly in favor to 61.8% retracement of 1.2061 to 1.3385 at 1.2567, which is close to 1.2526 support. For now, we’re not seeing fall from 1.3385 as resuming larger down trend from 1.4689 (2015 high) yet. Thus, we’ll look for bottoming signal again below 1.2567 . On the upside, though, break of 1.3081 resistance will argue that the pull back from 1.3385 is completed and rise from 1.2061 is resuming for another high above 1.3385.

Daily Pivots: (S1) 1.2922; (P) 1.2963; (R1) 1.2991; More…

Outlook in USD/CAD remains unchanged. Even though USD/CAD’s rebound from 1.2781 was strong, it’s limited well below 1.3081 resistance. Such rebound is still seen as a correction and larger fall from 1.3385 is in progress. On the downside, below 1.2886 minor support will turn bias to the downside for 1.2781 first. Break of 1.2781 will extend whole decline from 1.3385 to next fibonacci level at 1.2567, which is close to 1.2526 support. However, break of 1.3081 will turn outlook bullish for 1.3225 resistance.

In the bigger picture, corrective rebound from 1.2061 could have completed at 1.3385 already. Deeper fall is mildly in favor to 61.8% retracement of 1.2061 to 1.3385 at 1.2567, which is close to 1.2526 support. For now, we’re not seeing fall from 1.3385 as resuming larger down trend from 1.4689 (2015 high) yet. Thus, we’ll look for bottoming signal again below 1.2567 . On the upside, though, break of 1.3081 resistance will argue that the pull back from 1.3385 is completed and rise from 1.2061 is resuming for another high above 1.3385.

Daily Pivots: (S1) 1.2927; (P) 1.2970; (R1) 1.3001; More…

Even though USD/CAD’s rebound from 1.2781 was strong, it’s limited well below 1.3081 resistance. Such rebound is still seen as a correction and larger fall from 1.3385 is in progress. On the downside, below 1.2886 minor support will turn bias to the downside for 1.2781 first. Break of 1.2781 will extend whole decline from 1.3385 to next fibonacci level at 1.2567, which is close to 1.2526 support. However, break of 1.3081 will turn outlook bullish for 1.3225 resistance.

In the bigger picture, corrective rebound from 1.2061 could have completed at 1.3385 already. Deeper fall is mildly in favor to 61.8% retracement of 1.2061 to 1.3385 at 1.2567, which is close to 1.2526 support. For now, we’re not seeing fall from 1.3385 as resuming larger down trend from 1.4689 (2015 high) yet. Thus, we’ll look for bottoming signal again below 1.2567 . On the upside, though, break of 1.3081 resistance will argue that the pull back from 1.3385 is completed and rise from 1.2061 is resuming for another high above 1.3385.

Daily Pivots: (S1) 1.2905; (P) 1.2931; (R1) 1.2970; More…

USD/CAD’s rebound from 1.2781 extends higher today. But for now it’s limited well below 1.3081 resistance, and such rebound is still viewed as a correction. On the downside, below 1.2886 minor support will turn bias to the downside for 1.2781 first. Break of 1.2781 will extend whole decline from 1.3385 to next fibonacci level at 1.2567, which is close to 1.2526 support. However, break of 1.3081 will turn outlook bullish for 1.3225 resistance.

In the bigger picture, corrective rebound from 1.2061 could have completed at 1.3385 already. Deeper fall is mildly in favor to 61.8% retracement of 1.2061 to 1.3385 at 1.2567, which is close to 1.2526 support. For now, we’re not seeing fall from 1.3385 as resuming larger down trend from 1.4689 (2015 high) yet. Thus, we’ll look for bottoming signal again below 1.2567 . On the upside, though, break of 1.3081 resistance will argue that the pull back from 1.3385 is completed and rise from 1.2061 is resuming for another high above 1.3385.