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Action Insight: USDCAD Technical Outlook

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USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | Dec 06 16 04:57 GMT
The break of 1.3263 support again suggests near term reversal. That is, rise from 1.2460 could have completed at 1.3588, after hitting 50% retracement of 1.4689 to 1.2460 at 1.3575, on bearish divergence condition in 4 hours MACD. While downside momentum isn't convincing yet, intraday bias is now on the downside for 1.3005 support first. Decisive break there will confirm this bearish case and target 1.2460 low. Nonetheless, above 1.3377 minor resistance will turn focus back to 1.3588 instead.
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USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | Dec 05 16 05:47 GMT
USD/CAD recovers today and fails to sustain below 1.3263 support. Intraday bias is turned neutral first. Firm break of 1.3263 will indicate that the corrective rise from 12.460 has completed at 1.3588 after hitting 50% retracement of 1.4689 to 1.2460 at 1.3575. In that case, intraday bias will be turned to the downside for 1.3005 support next. Meanwhile, above 1.3588 will extend the rise towards 61.8% retracement at 1.3838.
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USD/CAD Weekly Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | Dec 03 16 11:41 GMT
USD/CAD's fall from 1.3588 extended lower last week and the breach of 1.3263 support is taken as the first sign of near term reversal. That is, corrective rise from 1.2460 could have completed after hitting 50% retracement of 1.4689 to 1.2460 at 1.3575. Initial bias is on the downside this week for 1.3005 support. Decisive break there will argue that whole decline from 1.4689 is resuming and bring retest of 1.2460 low first. Meanwhile, above 1.3588 will extend the rise towards 1.3838 fibonacci level.
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USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | Dec 02 16 04:53 GMT
USD/CAD dips to as low as 1.3285 so far and focus is back on 1.3262 support. As noted before, price actions from 1.2460 are seen as a corrective move and met 50% retracement of 1.4689 to 1.2460 at 1.3575. Decisive break of 1.3262 support will indicate that such correction is completed and will turn near term outlook bearish for 1.3005 support next. Break of 1.3588 will extend the rise from 1.2460 but we'd stay cautious on loss of momentum above there.
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USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | Dec 01 16 08:16 GMT
USD/CAD gyrated lower but stays in range above 1.3262 support and outlook is unchanged. Intraday bias remains neutral for the moment and more consolidations could be seen. But again, the whole rise from 1.2460 is still expected to continue as long as 1.3263 support holds. Since such rise is seen as a corrective move, we'd be cautious on loss of momentum above 50% retracement of 1.4689 to 1.2460 at 1.3575. Meanwhile, break of 1.3263 will confirm short term topping and turn bias back to the downside for 1.3005 support next.
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USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | Nov 30 16 03:35 GMT
USD/CAD continues to be bounded in sideway trading below 1.3588 so far. Intraday bias remains neutral and more consolidations could be seen. But again, the whole rise from 1.2460 is still expected to continue as long as 1.3263 support holds. Since such rise is seen as a corrective move, we'd be cautious on loss of momentum above 50% retracement of 1.4689 to 1.2460 at 1.3575. Meanwhile, break of 1.3263 will confirm short term topping and turn bias back to the downside for 1.3005 support next.
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USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | Nov 29 16 06:50 GMT
USD/CAD dips mildly again but it's staying in range below 1.3588. Intraday bias stays neutral for consolidation. The whole rise from 1.2460 is still expected to continue as long as 1.3263 support holds. But, since such rise is seen as a corrective move, we'd expect loss be cautious on loss of momentum above 50% retracement of 1.4689 to 1.2460 at 1.3575. Meanwhile, break of 1.3263 will confirm short term topping and turn bias back to the downside for 1.3005 support next.
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USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | Nov 28 16 06:14 GMT
Intraday bias in USD/CAD remains neutral as consolidation from 1.3588 continues. The whole rise from 1.2460 is still expected to continue as long as 1.3263 support holds. But still, since such rise is seen as a corrective move, we'd expect loss be cautious on loss of momentum above 50% retracement of 1.4689 to 1.2460 at 1.3575. Meanwhile, break of 1.3263 will confirm short term topping and turn bias back to the downside for 1.3005 support next.
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USD/CAD Weekly Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | Nov 26 16 13:39 GMT
USD/CAD stayed in consolidation below 1.3588 last week and outlook is unchanged. Initial bias remains neutral this week first. The whole rise from 1.2460 is still expected to continue as long as 1.3263 support holds. But still, since such rise is seen as a corrective move, we'd expect loss be cautious on loss of momentum above 50% retracement of 1.4689 to 1.2460 at 1.3575. Meanwhile, break of 1.3263 will confirm short term topping and turn bias back to the downside for 1.3005 support next.
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USD/CAD Daily Outlook Print E-mail
USDCAD Outlook | Written by ActionForex.com | Nov 25 16 05:08 GMT
USD/CAD is staying on consolidation below 1.3588 and intraday bias remains neutral. Further rise is expected as long as 1.3263 support holds. But still, rise from 1.2460 is seen as having a corrective structure. Hence, we'll start to be cautious on loss of momentum above 50% retracement of 1.4689 to 1.2460 at 1.3575. Meanwhile, break of 1.3263 will confirm short term topping and turn bias back to the downside for 1.3005 support next.
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