Daily Pivots: (S1) 1.3155; (P) 1.3196; (R1) 1.3258; More….

USD/CAD is staying in consolidation above 1.3133 and intraday bias remains neutral at this point. As long as 1.3271 resistance holds, further decline remains in favor. On the downside, break of 1.3133 will resume larger fall from 1.4667 to long term fibonacci level at 1.3056. On the upside, considering bullish convergence condition, firm break of 1.3271 should confirm short term bottoming. Intraday bias will be turned back to the upside for rebound to 55 day EMA (now at 1.3433).

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) 1.3245; (P) 1.3313; (R1) 1.3358; More…

Intraday bias in USD/CAD remains on downside at this point. Choppy decline from 1.3704 would target 1.3224 keys support level. Strong support is still expected there to bring rebound. On the upside, above 1.3470 minor resistance will turn intraday bias back to the upside for 1.3519 resistance. However, decisive break of 1.3224 would carry larger bearish implication.

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) 1.2599; (P) 1.2669; (R1) 1.2710; More…

Intraday bias in USD/CAD remains neutral for the moment. On the downside, break of 1.2592 will extend the fall from 1.2891, as the third leg of the pattern from 1.2947, to 1.2492 support and possibly below. On the upside, break of 1.2891 resistance will bring retest of 1.2947 high. Overall, with 1.2421 support intact, rise from 1.2005 should still be in progress for another rise through 1.2947 at a later stage.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

Daily Pivots: (S1) 1.2561; (P) 1.2587; (R1) 1.2628; More…

USD/CAD’s rise from 1.2246 resumed after brief consolidation and intraday bias is back on the upside. Sustained trading above 1.2589 resistance will indicate that pull back from 1.2919 has completed and would bring retest of this resistance. On the downside, below 1.2489 minor support will turn focus back to 1.2246 instead.

In the bigger picture, rebound from 1.2061 is likely completed completed at 1.2919, rejected by 55 week EMA 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 1.2919 resistance holds.

Daily Pivots: (S1) 1.3219; (P) 1.3235; (R1) 1.3245; More…

Intraday bias in USD/CAD stays neutral for the moment. On the upside, break of 1.3327 will resume the rise form 1.3042 and target 1.3382 key structural resistance next. On the downside, though, break of 1.3158 will extend the fall from 1.3327 to retest 1.3042 low.

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) 1.3319; (P) 1.3380; (R1) 1.3414; More….

Intrady bias in USD/CAD stays neutral at this point. On the upside, firm break of 1.3494 will indicate that correction from 1.3976 has completed at 1.3224, ahead of 1.3207 cluster support (61.8% retracement of 1.2726 to 1.3976 at 1.3204). Intraday bias will be turned back to the upside for 1.3807/3976 resistance zone. However, on the downside, sustained break of 1.3204/7 will carry larger bearish implication and target 1.2952 support next.

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) 1.3445; (P) 1.3474; (R1) 1.3523; More…

Intraday bias in USD/CAD remains on the upside at this point. Rise from 1.3176 is in progress for 1.3617 cluster resistance (61.8% retracement of 1.3897 to 1.3176 at 1.3622). Decisive break there will pave the way to 1.3897/3976 key resistance zone. On the downside, below 1.3422 minor support will turn intraday bias neutral first.

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) 1.3328; (P) 1.3364; (R1) 1.3416; More….

USD/CAD’s rise from 1.3222 continues and reaches as high as 1.3421 so far. Intraday bias remains on the upside for 1.3455 resistance. As noted before, correction from 1.3534 is likely finished with three waves down to 1.3222.FIrm break of 1.3455 will confirm this bullish case and send USD/CAD to 1.3598 resistance. In that case, whole rise from 1.2460 is likely resuming too. On the downside, below 1.3337 minor support will bring another fall. But we’d expect strong support from 61.8% retracement of 1.2968 to 1.3534 at 1.3184 to contain downside and bring rebound.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. The second leg from 1.2460 is likely still in progress and could target 61.8% retracement of 1.4689 to 1.2460 at 1.3838. We’d look for reversal signal there to start the third leg. However, break of 1.2968 will argue that the third leg has already started and should at least bring a retest of 1.2460 low. Meanwhile, sustained trading above 1.3838 would pave the way to retest 1.4689 high.

Daily Pivots: (S1) 1.3589; (P) 1.3613; (R1) 1.3638; More….

Range trading continues in USD/CAD and intraday bias remains neutral first. Further rally is still in favor as long as 1.3516 support holds. Break of 1.3704 will resume the rebound from 1.3224 to 1.3807 resistance. Break there will bring retest of 1.3976 high. On the downside, however, break of 1.3516 support will suggest that the rebound has completed, and turn bias back to the downside.

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).

USD/CAD’s rise from 1.2968 extended last week to high as 1.3534. Subsequent pull back and bearish divergence condition suggests that a short term top could be formed ahead of 1.3598 resistance. Some consolidations could be seen first but another rise is expected later to push USD/CAD through 1.3598 to extend the medium term rise from 1.2460.

Initial bias is neutral this week for some consolidations first. Downside of pull back should be contained well above 1.3211 cluster support (61.8% retracement of 1.3008 to 1.3534 at 1.3209) and bring rise resumption. Above 1.3534 will turn bias back to the upside for 1.3598 high. Break there will extend the medium term rise from 1.2460 to next fibonacci level at 1.3838.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. The second leg is likely still in progress and could target 61.8% retracement of 1.4689 to 1.2460 at 1.3838. We’d look for reversal signal there to start the third leg. Break of 1.2968 wold at least bring at retest of 1.2460 low. However, sustained trading above 1.3838 would pave the way to retest 1.4689 high.

In the longer term picture, rise from 0.9056 (2007 low) is viewed as a long term up trend. It’s taking a breath after hitting 1.4689. But such rise expected to resume later to test 1.6196 down the road.

Daily Pivots: (S1) 1.3644; (P) 1.3690; (R1) 1.3724; More…

Intraday bias in USD/CAD remains neutral for the moment. Consolidation from 1.3845 could extend further. While deeper fall could be seen, downside should be contained by 1.3589 cluster support (38.2% retracement of 1.3176 to 1.3845 at 1.3589) to bring rebound. Break of 1.3790 resistance will argue that larger rise is ready to resume and target 1.3845 resistance.

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.

USD/CAD edged lower to 1.3588 last week but recovered after hitting 1.3589 support. Initial bias remains neutral this week first. On the downside, firm break of 1.3589 will extend the corrective pattern from 1.3845 and target 100% projection of 1.3845 to 1.3589 from 1.3790 at 1.3534. Strong support would be seen there to bring rebound. On the upside, above 1.3652 minor resistance will turn bias back to the upside for 1.3790 resistance instead.

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) 1.3473; (P) 1.3485; (R1) 1.3503; More…

USD/CAD is still bounded in range below 1.3585 and intraday bias remains neutral. More consolidations could be seen, but further rally is expected as long as 1.3357 support holds. On the upside, firm break of 1.3585 will resume the rebound from 1.3176 for 1.3897 resistance.

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) 1.2497; (P) 1.2561; (R1) 1.2602; More….

Break of 1.2574 minor support suggests that USD/CAD’s recovery from 1.2466 has completed. Intraday bias is back on the downside for retesting 1.2466. Break there will resume larger down trend from 1.4667. For now, another rebound cannot be ruled out as corrective pattern from 1.2466 could still extend. But outlook will stay bearish as long as 1.2880 resistance holds.

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 1.2994 support turned resistance resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 1.3304; (P) 1.3325; (R1) 1.3341; More….

Intraday bias in USD/CAD remains neutral as consolidation from 1.3345 might extend. Further rise is expected with 1.3177 minor support intact. On the upside, break of 1.3345 will extend the rebound from 1.3016 to 1.3564/3664 resistance zone. On the downside, however, break of 1.3177 support will turn bias back to the downside for retesting 1.3016 low instead.

In the bigger picture, focus stays on 1.3068 cluster support (38.2% retracement of 1.2061 to 1.3664 at 1.3052). Strong rebound from there will retain medium term bullish. But 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, medium term outlook will stay neutral first. Decisive break of 1.3052/68 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) 1.3343; (P) 1.3394; (R1) 1.3433; More…

USD/CAD drops sharply in early US session as the pull back from 1.3444 accelerates, after failing to sustained above 1.3385 key resistance. But at this point, USD/CAD is held well above 1.3160 support. Thus, there is no indication of near term bearish reversal yet. Intraday bias is turned neutral first. On the upside, break of 1.3444 and sustained trading above 1.3385 will extend medium term up trend to 1.3685 fibonacci level. On the downside, though, break of 1.3160 support will indicate rejection by 1.3385 resistance and turn near term outlook bearish.

In the bigger picture, up trend from 1.2061 (2017 low) is still in progress and decisive break of 1.3385 will pave the way to 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. In case correction from 1.3382 extend with another falling leg, downside should be contained by 50% retracement of 1.2061 to 1.3385 at 1.2723 to bring rebound.

Daily Pivots: (S1) 1.3668; (P) 1.3705; (R1) 1.3745; More….

USD/CAD dips mildly today but it’s staying in tight range below 1.3793. Intraday bias remains neutral for the moment. Outlook is unchanged that choppy rise from 1.2460 is seen as a corrective move. Hence, in case of another rally, we’d expect upside to be limited by 1.3838 fibonacci level to bring reversal. Meanwhile, break of 1.3534 resistance turned support will suggest that rise from 1.2968 has completed. In such case, intraday bias will be turned back to the downside for medium term channel (now at 1.3176).

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. Rise from 1.2460 is seen as the second leg and would end at around 61.8% retracement of 1.4689 to 1.2460 at 1.3838. Break of 1.3222 should indicate the start of the third leg while further break of 1.2968 should confirm. Nonetheless, sustained trading above 1.3838 would pave the way to retest 1.4689 high.

Daily Pivots: (S1) 1.3019; (P) 1.3062; (R1) 1.3098; More….

USD/CAD’s recovery from 1.2951 extended higher but couldn’t break through 1.3102 resistance so far. Outlook is unchanged and further decline remains in favor. On the downside, break of 1.2951 will target 100% projection of 1.3564 to 1.3016 from 1.3327 at 1.2779 next. However, sustained break of 1.3102 will confirm short term bottoming and target 55 day EMA (now at 1.3152) and above.

In the bigger picture, rise from 1.2061 (2017 low) could have completed at 1.3664, after failing 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. However, structure of price actions from 1.3664 argues that it’s probably just a corrective move. Hence, while further fall is expected, downside should be contained by 61.8% retracement of 1.2061 to 1.364 at 1.2673. Nevertheless, sustained break of 1.2673 will put focus on 1.2061 low.

USD/CAD’s rally from 1.3176 resumed last week and accelerated to close at 1.3770. Initial bias stays on the upside this week. Next target is 100% projection of 1.3176 to 1.3540 from 1.3477 at 1.3841. On the downside, below 1.3724 minor support will turn intraday bias neutral and bring consolidations first, before staging another rise.

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. 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) 1.3360; (P) 1.3399; (R1) 1.3428; More….

Intraday bias in USD/CAD stays neutral at this point. While further decline could be seen, downside should be contained above 1.3224 key support level. Above 1.3451 minor resistance will turn bias back to the upside for 1.3704 resistance. However, sustained break of 1.3222/4 cluster support will resume the whole fall from 1.3976 and carry larger bearish implications.

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).