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Action Insight: USDCAD Technical Outlook

Action Insight is the most popular section of the site, read by traders around the world. Our team of analysts work around the clock, analyzing the markets from technical and fundamental perspectives in providing the reports in this section to you.



USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | Jan 23 17 05:03 GMT
With 1.3235 minor support intact, further rise is in favor in USD/CAD for 1.3598 resistance. Consolidation pattern from 1.3588 should have completed with three waves to 1.3017. Break of 1.3598 will extend the whole choppy rise from 1.2460 to next fibonacci level at 1.3838. On the downside, below 1.3235 minor support will turn focus back to 1.3017 instead.
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USD/CAD Weekly Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | Jan 21 17 06:45 GMT
USD/CAD's strong rebound from 1.3017 argues that price actions from 1.3588 are merely a three wave consolidation pattern. It could also be completed at 1.3017 already. Initial bias stays mildly on the upside this week for 1.3598 resistance. Break will extend the whole choppy rise from 1.2460 to next fibonacci level at 1.3838. On the downside, below 1.3235 minor support will turn focus back to 1.3017 instead.
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USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | Jan 20 17 06:27 GMT
Current development suggests that the consolidation pattern from 1.3588 has completed with three waves to 1.3017. And, the corrective rise from 1.2460 hasn't completed. Intraday bias is mildly on the upside for 1.3598 resistance. Break will target next fibonacci level at 1.3838. Meanwhile, break of 1.3017 will revive the case of near term reversal and target 1.2460.
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USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | Jan 19 17 04:08 GMT
USD/CAD's rebound and break of 1.3189 resistance suggests short term bottoming at 1.3017 on bullish convergence condition in 4 hour MACD. More importantly, it should have invalidated the case of double top reversal. Instead, price actions from 1.3588 could just be a three wave consolidation pattern that completed at 1.3017 too. Intraday bias is back on the upside for 1.3598. Break there will extend the whole rise from 1.2460 to next fibonacci level at 1.3838. Meanwhile, break of 1.3017 will revive the case of near term reversal and target 1.2460.
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USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | Jan 18 17 08:24 GMT
USD/CAD's fall from 1.3598 resumed after brief consolidation and intraday bias is back on the downside. As noted before, prior break of 1.3080 key support level could have completed a double top pattern (1.3588, 1.3598) and indicates reversal. That is, whole corrective rise from 1.2460 is finished. Further fall should be seen to retest 1.2460 low. However, considering bullish convergence condition in 4 hours MACD, break of 1.3189 minor resistance will dampen this bearish view and turn bias to the upside for retesting 1.3598.
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USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | Jan 17 17 09:08 GMT
No change in USD/CAD's outlook. With 1.3293 resistance intact, deeper decline is expected. As noted before, prior break of 1.3080 key support level could have completed a double top pattern (1.3588, 1.3598) and indicates reversal. That is, whole corrective rise from 1.2460 is finished. Further fall should be seen to retest 1.2460 low. However, break of 1.3293 will invalidate this bearish case and turn bias to the upside for retesting 1.3598.
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USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | Jan 16 17 08:21 GMT
Deeper decline is expected in USD/CAD as long as 1.3293 resistance holds. As noted before, prior break of 1.3080 key support level could have completed a double top pattern (1.3588, 1.3598) and indicates reversal. That is, whole corrective rise from 1.2460 is finished. Deeper decline should be seen to retest 1.2460 low. However, break of 1.3293 will invalidate this bearish case and turn bias to the upside for retesting 1.3598.
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USD/CAD Weekly Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | Jan 14 17 05:09 GMT
USD/CAD's fall from 1.3598 extended lower last week. The breach of 1.3080 key support level could have completed a double top pattern (1.3588, 1.3598) and indicates reversal. That is, whole corrective rise from 1.2460 is finished. Deeper decline is now expected this week as long as 1.3293 resistance holds. USD/CAD would now target a test on 1.2460 low.
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USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | Jan 13 17 06:09 GMT
Intraday bias in USD/CAD remains on the downside for the moment. Prior break of 1.3080 completed a double top pattern (1.3588, 1.3598) and indicates reversal. Fall from 1.3598 is seen as the third leg of the corrective pattern from 1.4689 and should target 1.2460 low next. On the upside, break of 1.3293 is needed to confirm completion of the fall from 1.3598. Otherwise, outlook will stay bearish in case of recovery.
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USD/CAD Mid-Day Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | Jan 12 17 14:08 GMT
USD/CAD reaches as low as 1.3134 so far today and decline from 1.3598 extends. The break of 1.3080 completes a double top pattern (1.3588, 1.3598) and indicates reversal. This also supports our view that corrective rise from 1.2460 has completed. Fall from 1.3598 is seen as the third leg of the corrective pattern from 1.4689 and should target 1.2460 low next. On the upside, break of 1.3293 is needed to confirm completion of the fall from 1.3598. Otherwise, outlook will stay bearish in case of recovery.
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