Daily Pivots: (S1) 1.2999; (P) 1.3020; (R1) 1.3045; More…

No change in USD/CAD’s outlook. Corrective fall from 1.3385 could still extend through 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. But we’d expect strong support from channel line (now at 1.2933) to complete the correction from 1.3385 and bring rebound. On the upside, firm break of 1.3095 resistance will turn bias to the upside for 1.3289 resistance.

In the bigger picture, as long as channel support (now at 1.2933) holds, we’re 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) 1.2970; (P) 1.3003; (R1) 1.3030; More…

USD/CAD continues to lose downside momentum as seen in 4 hour MACD. Further fall could still be seen to 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. But we’d expect strong support from channel line (now at 1.2912) to complete the correction from 1.3385 and bring rebound. On the upside, firm break of 1.3095 resistance will turn bias to the upside for 1.3289 resistance.

In the bigger picture, as long as channel support (now at 1.2912) holds, we’re 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) 1.2993; (P) 1.3037; (R1) 1.3079; More…

Intraday bias in USD/CAD is back on the downside as the correction from 1.3385 extends. Deeper fall could be seen to 1.3385 to 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. But we’re still seeing the fall from 1.3385 as a correction. Hence, we’d expect strong support from channel line (now at 1.2907) to contain downside and bring rebound. On the upside, firm break of 1.3095 resistance will turn bias to the upside for 1.3289 resistance.

In the bigger picture, as long as channel support (now at 1.2907) holds, we’re 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) 1.2993; (P) 1.3037; (R1) 1.3079; More…

USD/CAD recovered after hitting 1.2993 and breached 1.3092 minor resistance. But there is no follow through buying so far. Intraday bias is turned neutral first. On the downside, below 1.2993 will resume the fall from 1.3385 to 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. But we’re still seeing the fall from 1.3385 as a correction. Hence, we’d expect strong support from channel line (now at 1.2907) to contain downside and bring rebound. On the upside, firm break of 1.3092 will turn bias to the upside for 1.3289 resistance.

In the bigger picture, as long as channel support (now at 1.2907) holds, we’re 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) 1.3041; (P) 1.3061; (R1) 1.3080; More…

USD/CAD’s decline resumed by taking out 1.3023 and reaches as low as 1.2994 so far. Intraday bias is back on the downside for 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. For now, we’re still seeing the fall from 1.3385 as a correction. Hence, we’d expect strong support from channel line (now at 1.2903) to contain downside and bring rebound. On the upside, break of 1.3092 minor resistance will turn bias to the upside for 1.3289 resistance. However, sustained break of the channel support will carry larger bearish implication and bring deeper fall to 1.2526.

In the bigger picture, as long as channel support (now at 1.2903) holds, we’re 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) 1.3041; (P) 1.3061; (R1) 1.3080; More…

Intraday bias in USD/CAD stays neutral for consolidation above 1.3023 temporary low. With 1.3114 minor resistance intact, deeper decline is still expected. Break of 1.3023 will target 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. But, we’d expect strong support from rising channel line (now at 1.2902) to contain downside and bring rebound. On the upside, above 1.3114 is the first sign of bottoming and will turn bias back to the upside for 1.3289 resistance. Overall, the larger rally from 1.2061 is expected to resume later.

In the bigger picture, as long as channel support (now at 1.2902) holds, we’re 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.

USD/CAD’s corrective fall from 1.3385 resumed last week and hit as low as 1.3023 before forming a temporary low there. Initial bias is neutral this week first, for some sideway trading. With 1.3114 minor resistance intact, deeper decline is still expected. Break of 1.3023 will target 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. But still, we’d expect strong support from rising channel line (now at 1.2890) to contain downside and bring rebound. On the upside, above 1.3114 is the first sign of bottoming and will turn bias back to the upside for 1.3289 resistance. Overall, the larger rally from 1.2061 is expected to resume later.

In the bigger picture, as long as channel support (now at 1.12890) holds, we’re 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.

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. It’s early to tell, but there is now 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) 1.3037; (P) 1.3066; (R1) 1.3106; More…

With 1.3114 minor resistance intact, deeper fall is still expected. Corrective decline from 1.3385 would extend to 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. But still, we’d expect strong support from rising channel line (now at 1.2912) to contain downside and bring rebound. On the upside, above 1.3114  is the first sign of bottoming and will turn bias back to the upside for 1.3289 resistance. Overall, the larger rally from 1.2061 is still expected to resume later.

In the bigger picture, as long as channel support (now at 1.2912) holds, we’re 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) 1.2992; (P) 1.3080; (R1) 1.3135; More…

USD/CAD drops to as low as 1.3023 so far as the corrective fall from 1.3385 resumes. Intraday bias is back on the downside for 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. But still, we’d expect strong support from rising channel line (now at 1.2903) to contain downside and bring rebound. On the upside, above is the first sign of bottoming and will turn bias back to the upside for 1.3289 resistance. Overall, the larger rally from 1.2061 is still expected to resume later.

In the bigger picture, as long as channel support (now at 1.2903) holds, we’re 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) 1.3131; (P) 1.3156; (R1) 1.3197; More…

Intraday bias in USD/CAD remains neutral first. The corrective fall from 1.3385 is still mildly in favor to continue lower. Below 1.3114 will target 1.3063 support and then 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967. But we’d expect strong support from rising channel line (now at 1.2897) to contain downside and bring rebound. Larger rally from 1.2061 is expected to resume later.

In the bigger picture, as long as channel support (now at 1.2897) holds, we’re 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) 1.3131; (P) 1.3156; (R1) 1.3197; More…

With 4 hour MACD crossed above signal line, intraday bias in USD/CAD is turned neutral first. For now, the correction from 1.3385 is still in favor to continue. Below 1.3114 will target 1.3063 support and then 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967. But we’d expect strong support from rising channel line (now at 1.2893) to contain downside and bring rebound. Larger rally from 1.2061 is expected to resume later.

In the bigger picture, as long as channel support (now at 1.2893) holds, we’re 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) 1.3075; (P) 1.3183; (R1) 1.3251; More…

Intraday bias in USD/CAD remains on the downside for 1.3063. Break will extend the corrective fall fro 1.3385 to 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967. But we’d expect strong support from rising channel line (now at 1.2878) to contain downside and bring rebound. Larger rally from 1.2061 is expected to resume later.

In the bigger picture, as long as channel support (now at 1.2878) holds, we’re 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.

USD/CAD gyrated higher to 1.3289 last week but fell sharply since then. The corrective structure of the rebound argues that decline from 1.3385 isn’t completed yet. Initial bias is mildly on the downside for 1.3063 support first. Break will target 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967. But we’d expect strong support from rising channel line (now at 1.2878) to contain downside and bring rebound.

In the bigger picture, as long as channel support (now at 1.2878) holds, we’re 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.

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). The development keeps long term up trend from 0.9406) and that from 0.9056 (2007 low) intact. It’s early to tell, but there is now 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) 1.3187; (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) 1.3187; (P) 1.3240; (R1) 1.3320; More…

Intraday bias in USD/CAD remains on the upside for 1.3385 resistance. Decisive break there would resume larger rally from 1.2061 to 1.3685 fibonacci level. In case of another fall, we’d still expect strong support from 1.3067 resistance turned support to contain downside.

In the bigger picture, as long as channel support (now at 1.2870) 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) 1.3133; (P) 1.3196; (R1) 1.3232; More…

USD/CAD’s breach of 1.3258 suggests that rebound from 1.3063 has resumed again. Intraday bias is back on the upside even though upside momentum isn’t too convincing. We’d holding on to the bullish view that pull back from 1.3385 has completed at 1.3063 already. Rise from there should target a test on 1.3385 first. Break there will resume whole rally from 1.2061 for 1.3685 fibonacci level. In case of another fall, we’d still expect strong support from 1.3067 resistance turned support to contain downside.

In the bigger picture, as long as channel support (now at 1.2870) 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) 1.3133; (P) 1.3196; (R1) 1.3232; More…

USD/CAD lost upside momentum again after hitting 1.3258 and intraday bias is turned neutral. We’d holding on to the bullish view that pull back from 1.3385 has completed at 1.3063 already. And another rally should be seen. On the upside, above 1.3258 will target a test on 1.3385 high first. Break there will resume whole rally from 1.2061 for 1.3685 fibonacci level. In case of another fall, we’d still expect strong support from 1.3067 resistance turned support to contain downside.

In the bigger picture, as long as channel support (now at 1.2870) 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) 1.3130; (P) 1.3174; (R1) 1.3238; More…

USD/CAD’s break of 1.3216 indicates resumption of rebound from 1.3063. Intraday bias is turned back to the upside for 1.3385 high first. Break there will resume whole rally from 1.2061 for 1.3685 fibonacci level. In case of another fall, we’d still expect strong support from 1.3067 resistance turned support to contain downside.

In the bigger picture, as long as channel support (now at 1.2870) 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) 1.3130; (P) 1.3174; (R1) 1.3238; More…

Intraday bias in USD/CAD stays neutral first. Outlook is unchanged that pull back from 1.3385 should have completed at 1.3063 already. Above 1.3216 will bring retest of 1.3385 first. Break will resume whole rally from 1.2061 for 1.3685 fibonacci level. However, firm break of 1.3067 resistance turned support will bring deeper fall to channel support (now at 1.2870).

In the bigger picture, as long as channel support (now at 1.2870) 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) 1.3106; (P) 1.3141; (R1) 1.3171; More…

USD/CAD is bounded in tight range of 1.3063/3216 and intraday bias remains neutral. Outlook is unchanged and we’re preferring the case that pull back from 1.3385 has completed at 1.3063 already. Above 1.3216 will bring retest of 1.3385 first. Break will resume whole rally from 1.2061 for 1.3685 fibonacci level. However, firm break of 1.3067 resistance turned support will bring deeper fall to channel support (now at 1.2858).

In the bigger picture, as long as channel support (now at 1.2858) 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.