USD/CAD gyrated lower last week but lost momentum ahead of 1.3538 support. Initial bias is turned neutral this week first. On the downside, decisive break of 1.3538 will resume whole fall from 1.4791. Nevertheless, break of 1.3666 will turn bias to the upside, and extend the corrective pattern from 1.3538 with another rising leg to 1.3797 first.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.

In the long term picture, as long as 55 M EMA (now at 1.3494) holds, up trend from 0.9056 (2007 low) should still resume through 1.4791 at a later stage. However, sustained trading below 55 M EMA will argue that the up trend has already completed, with rise from 1.2005 to 1.4791 as the fifth wave. 1.4791 would then be seen as a long term top and deeper medium term down trend should then follow.

Daily Pivots: (S1) 1.3553; (P) 1.3589; (R1) 1.3620; More…

Intraday bias in USD/CAD stays mildly on the downside for retesting 1.3538 low. Firm break there will resume larger decline from 1.4791. On the upside, break of 1.3666 minor resistance will delay the bearish case, and extend the corrective pattern from 1.3538 will another rise back to 1.3797 resistance.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.

Daily Pivots: (S1) 1.3565; (P) 1.3612; (R1) 1.3640; More…

Intraday bias in USD/CAD remains mildly on the downside for retesting 1.3538 low. Firm break there will resume larger decline from 1.4791. For now, risk will stay on the downside as long as 1.3797 resistance holds, in case of recovery.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.

Daily Pivots: (S1) 1.3603; (P) 1.3635; (R1) 1.3679; More…

Intraday bias in USD/CAD stays mildly on the downside for retesting 1.3538 low. Firm break there will resume larger decline from 1.4791. For now, risk will stay on the downside as long as 1.3797 resistance holds, in case of recovery.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.

Daily Pivots: (S1) 1.3619; (P) 1.3689; (R1) 1.3750; More…

Intraday bias in USD/CAD is back on the downside with break of 1.3616 temporary low. Retest of 1.3538 low should be seen first. Firm break there will resume larger decline from 1.4791. For now, risk will stay on the downside as long as 1.3797 resistance holds, in case of recovery.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.

Daily Pivots: (S1) 1.3619; (P) 1.3689; (R1) 1.3750; More…

USD/CAD dips mildly today but stays in range of 1.3616/3797. Intraday bias remains neutral at this point. On the upside, break of 1.3797 will resume the rebound from 1.3538 short term bottom to 1.4014 cluster resistance (38.2% retracement of 1.4791 to 1.3538 at 1.4017). Nevertheless, below 1.3616 will bring retest of 1.3538 low.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.

USD/CAD retreated after edging higher to 1.3797 last week but rebounded strongly since then. Initial bias is turned neutral this week first. On the upside, break of 1.3797 will resume the rebound from 1.3538 short term bottom to 1.4014 cluster resistance (38.2% retracement of 1.4791 to 1.3538 at 1.4017). Nevertheless, below 1.3616 will bring retest of 1.3538 low.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.

In the long term picture, as long as 55 M EMA (now at 1.3494) holds, up trend from 0.9056 (2007 low) should still resume through 1.4791 at a later stage. However, sustained trading below 55 M EMA will argue that the up trend has already completed, with rise from 1.2005 to 1.4791 as the fifth wave. 1.4791 would then be seen as a long term top and deeper medium term down trend should then follow.

Daily Pivots: (S1) 1.3596; (P) 1.3663; (R1) 1.3709; More…

USD/CAD’s break of 1.3633 minor support suggests that corrective recovery from 1.3538 has completed at 1.3797. Intraday bias is back on the downside. Firm break of 1.3538 will resume larger fall from 1.4791. On the upside, break of 1.3797 will extend the corrective bounce towards 1.4014 cluster resistance (38.2% retracement of 1.4791 to 1.3538 at 1.4017).

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.

Daily Pivots: (S1) 1.3700; (P) 1.3727; (R1) 1.3754; More…

No change in USD/CAD’s outlook and intraday bias stays neutral. On the upside, above 1.3797 will resume the rebound from 1.3538 short term bottom, as a correction to fall from 1.4791. But upside should be limited by 1.4014 cluster resistance (38.2% retracement of 1.4791 to 1.3538 at 1.4017), at least on first attempt. On the downside, below 1.3633 will bring retest of 1.3538 low.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.

Daily Pivots: (S1) 1.3690; (P) 1.3714; (R1) 1.3750; More…

Intraday bias in USD/CAD stays neutral at this point. On the upside, above 1.3797 will resume the rebound from 1.3538 short term bottom, as a correction to fall from 1.4791. But upside should be limited by 1.4014 cluster resistance (38.2% retracement of 1.4791 to 1.3538 at 1.4017), at least on first attempt. On the downside, below 1.3633 will bring retest of 1.3538 low.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.

Daily Pivots: (S1) 1.3708; (P) 1.3753; (R1) 1.3782; More…

USD/CAD retreated after hitting 1.3797 and intraday bias is turned neutral first. On the upside, above 1.3797 will resume the rebound from 1.3538 short term bottom, as a correction to fall from 1.4791. But upside should be limited by 1.4014 cluster resistance (38.2% retracement of 1.4791 to 1.3538 at 1.4017), at least on first attempt. On the downside, below 1.3633 will bring retest of 1.3538 low.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.

Daily Pivots: (S1) 1.3699; (P) 1.3723; (R1) 1.3759; More…

USD/CAD’s breach of 1.3749 support turned resistance suggests short term bottoming in D MACD, on bullish convergence condition in 4H MACD. Rebound from 1.3538 is seen as forming a corrective pattern from to the five-wave decline from 1.4791. Intraday bias is now mildly on the upside for 55 D EMA (now at 1.3839) and above. But upside should be limited by 1.4014 cluster resistance (38.2% retracement of 1.4791 to 1.3538 at 1.4017), at least on first attempt. On the downside, below 1.3686 minor support will turn intraday bias neutral first.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.

USD/CAD rebounded after edging lower to 1.3538 last week. Considering bullish convergence condition in D MACD, a short term bottom could be in place. Firm break of 1.3749 support turned resistance will turn bias back to the upside for 1.4014 cluster resistance (38.2% retracement of 1.4791 to 1.3538 at 1.4017), as a corrective move. nevertheless, break of 1.3633 minor support will bring retest of 1.3538 low.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.

In the long term picture, as long as 55 M EMA (now at 1.3494) holds, up trend from 0.9056 (2007 low) should still resume through 1.4791 at a later stage. However, sustained trading below 55 M EMA will argue that the up trend has already completed, with rise from 1.2005 to 1.4791 as the fifth wave. 1.4791 would then be seen as a long term top and deeper medium term down trend should then follow.

Daily Pivots: (S1) 1.3673; (P) 1.3710; (R1) 1.3737; More…

Intraday bias remains neutral first, and further decline is in favor with 1.3749 support turned resistance intact. On the downside, below 1.3633 minor support will bring retest of 1.3538 first. Firm break there will resume larger fall from 1.4791. However, considering bullish convergence condition in 4H MACD, firm break of 1.3749 will indicate short term bottoming, and bring stronger rebound back to 1.4014 resistance.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.

Daily Pivots: (S1) 1.3650; (P) 1.3677; (R1) 1.3718; More…

USD/CAD’s rebound from 1.3538 extended higher, but stays below 1.3749 support turned resistance. Intraday bias remains neutral, and further decline is expected. On the downside, below 1.3633 minor support will bring retest of 1.3538 first. Firm break there will resume larger fall from 1.4791. However, considering bullish convergence condition in 4H MACD, firm break of 1.3749 will indicate short term bottoming, and bring stronger rebound back to 1.4014 resistance.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.

Daily Pivots: (S1) 1.3593; (P) 1.3644; (R1) 1.3730; More…

Intraday bias in USD/CAD is turned neutral first with current recovery and some consolidations would be seen above 1.3538 temporary low. Further decline is expected as long as 1.3749 support turned resistance holds. Below 1.3538 will extend larger fall from 1.4791 to 100% projection of 1.4414 to 1.3749 from 1.4014 at 1.3349. However, considering bullish convergence condition in 4H MACD, firm break of 1.3749 will indicate short term bottoming, and bring stronger rebound back to 1.4014 resistance.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.

Daily Pivots: (S1) 1.3538; (P) 1.3573; (R1) 1.3605; More…

Intraday bias in USD/CAD remains on the downside as fall from 1.4791 is in progress. Next target is 100% projection of 1.4414 to 1.3749 from 1.4014 at 1.3349. On the upside, break of 1.3650 minor resistance will turn intraday bias neutral and bring consolidations first.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.

Daily Pivots: (S1) 1.3550; (P) 1.3601; (R1) 1.3635; More…

USD/CAD’s decline continues today and intraday bias stays on the downside. Current fall from 1.4791 should target 100% projection of 1.4414 to 1.3749 from 1.4014 at 1.3349. On the upside, through, break of 1.3650 minor resistance will turn intraday bias neutral first.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.

USD/CAD’s fall from 1.4791 continued last week and broke 61.8% projection of 1.4414 to 1.3749 from 1.4014 at 1.3603. There is no sign of bottoming yet, and initial bias stays on the downside this week for 100% projection at 1.3349. On the upside, through, break of 1.3650 minor resistance will turn intraday bias neutral first.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Next target is 61.8% retracement of 1.2005 (2021 low) to 1.4791 at 1.3069.

In the long term picture, as long as 55 M EMA (now at 1.3489) holds, up trend from 0.9056 (2007 low) should still resume through 1.4791 at a later stage. However, sustained trading below 55 M EMA will argue that the up trend has already completed, with rise from 1.2005 to 1.4791 as the fifth wave. 1.4791 would then be seen as a long term top and deeper medium term down trend should then follow.

Daily Pivots: (S1) 1.3576; (P) 1.3626; (R1) 1.3653; More…

Intraday bias in USD/CAD remains on the downside at this point. Decisive break of 61.8% projection of 1.4414 to 1.3749 from 1.4014 at 1.3603 will pave the way to 100% projection at 1.3349. On the upside, through, break of 1.3727 resistance will turn bias back to the upside for stronger rebound.

In the bigger picture, price actions from 1.4791 medium term top could either be a correction to rise from 1.2005 (2021 low), or trend reversal. In either case, further decline is expected as long as 1.4014 resistance holds. Firm break of 38.2% retracement of 1.2005 (2021 low) to 1.4791 at 1.3727 will pave the way back to 61.8% retracement at 1.3069.