Fri, Jul 10, 2020 @ 02:48 GMT

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3462; (P) 1.3543; (R1) 1.3593; More….

Intraday bias in USD/CAD remains neutral at this point and outlook is unchanged. With 1.3485 support intact, further rally is still expected. On the upside, above 1.3624 minor resistance will turn bias to the upside for 1.3715 resistance first. Break will extend the rebound from 1.3315 to 38.2% retracement of 1.4667 to 1.3315 at 1.3831. On the downside, however, break of 1.3485 will argue that the rebound has completed and turn bias back to the downside for retesting 1.3315 low.

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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3549; (P) 1.3579; (R1) 1.3634; More….

Intraday bias in USD/CAD remains neutral for the moment. With 1.3485 support intact, further rally is still expected. On the upside, above 1.3624 minor resistance will turn bias to the upside for 1.3715 resistance first. Break will extend the rebound from 1.3315 to 38.2% retracement of 1.4667 to 1.3315 at 1.3831. On the downside, however, break of 1.3485 will argue that the rebound has completed and turn bias back to the downside for retesting 1.3315 low.

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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3521; (P) 1.3542; (R1) 1.3565; More….

USD/CAD recovers mildly ahead of 1.3485 support and intraday bias remains neutral first. With 1.3485 support intact, further rally is still expected. On the upside, break of 1.3715 will extend the rebound from 1.3315 to 38.2% retracement of 1.4667 to 1.3315 at 1.3831. On the downside, however, break of 1.3485 will argue that the rebound has completed and turn bias back to the downside for retesting 1.3315 low.

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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3537; (P) 1.3559; (R1) 1.3574; More….

Intraday bias in USD/CAD remains neutral at this point. Further rally is still expected as long as 1.3485 support holds. Break of 1.3715 will extend the rebound from 1.3315 to 38.2% retracement of 1.4667 to 1.3315 at 1.3831. On the downside, however, break of 1.3485 will argue that the rebound has completed and turn bias back to the downside for retesting 1.3315 low.

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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

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USD/CAD Weekly Outlook

USD/CAD retreated notably after hitting 1.3715 last week and initial bias stays neutral this week first. Further rally is still expected as long as 1.3485 support holds. Break of 1.3715 will extend the rebound from 1.3315 to 38.2% retracement of 1.4667 to 1.3315 at 1.3831. On the downside, however, break of 1.3485 will argue that the rebound has completed and turn bias back to the downside for retesting 1.3315 low.

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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

In the longer term picture, the bullish case of resuming the up trend from 0.9506 (2007 low) is delayed. Consolidation from 1.4689 is extending for another medium term fall. As long as 1.2061 support holds, such up trend should still resume through 1.4689 at a later stage.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3543; (P) 1.3583; (R1) 1.3607; More….

No change in USD/CAD’s outlook and intraday bias stays neutral first. Further rise will remain in favor as long as 1.3485 support holds. On the upside, break of 1.3715 will resume the rebound from 1.3315 to 38.2% retracement of 1.4667 to 1.3315 at 1.3831. Nevertheless, break of 1.3485 will argue that the rebound has completed and turn bias back to the downside for retesting 1.3315 low.

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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3554; (P) 1.3578; (R1) 1.3610; More….

Intraday bias in USD/CAD remains neutral for some consolidations below 1.3715 temporary top. Further rise will remain in favor as long as 1.3485 support holds. On the upside, break of 1.3715 will resume the rebound form 1.3315 to 38.2% retracement of 1.4667 to 1.3315 at 1.3831. Nevertheless, break of 1.3485 will argue that the rebound has completed and turn bias back to the downside for retesting 1.3315 low.

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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3529; (P) 1.3614; (R1) 1.3659; More….

A temporary top is in place at 1.3175 with current retreat. Intraday bias in USD/CAD is turned neutral first. Further rise will remain mildly in favor as long as 1.3485 support holds. Break of 1.3715 will extend the rebound from 1.3315 to 38.2% retracement of 1.4667 to 1.3315 at 1.3831. Nevertheless, break of 1.3485 will argue that the rebound has completed and turn bias back to the downside for retesting 1.3315 low.

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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3637; (P) 1.3671; (R1) 1.3694; More….

USD/CAD is losing some upside momentum as seen in 4 hour MACD. But rebound from 1.3315 is still expected to continue to 38.2% retracement of 1.4667 to 1.3315 at 1.3831. Sustained break there will argue that whole fall from 1.4667 has completed. Further rise should be seen to 61.8% retracement at 1.4151 and above. However, break of 1.3485 will turn bias back to the downside for 1.3315 low.

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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3640; (P) 1.3678; (R1) 1.3728; More….

Intraday bias in USD/CAD remains mildly on the upside at this point. Rebound form 1.3315 is extending and should target 38.2% retracement of 1.4667 to 1.3315 at 1.3831. Sustained break there will argue that whole fall from 1.4667 has completed. Further rise should be seen to 61.8% retracement at 1.4151 and above. For now, further rise will remain in favor as long as 1.3485 support intact, in case of retreat.

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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

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USD/CAD Weekly Outlook

USD/CAD’s rebound from 1.3315 resumed by breaking 1.3868 last week. Initial bias stays on the upside this week for 38.2% retracement of 1.4667 to 1.3315 at 1.3831. Sustained break there will argue that whole fall from 1.4667 has completed. Further rise should be seen to 61.8% retracement at 1.4151 and above. For now, further rise will remain in favor as long as 1.3485 support intact, in case of retreat.

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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

In the longer term picture, the bullish case of resuming the up trend from 0.9506 (2007 low) is delayed. Consolidation from 1.4689 is extending for another medium term fall. As long as 1.2061 support holds, such up trend should still resume through 1.4689 at a later stage.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3610; (P) 1.3640; (R1) 1.3672; More….

Intraday bias in USD/CAD stays neutral as range trading continues. Rebound from 1.3315 short term bottom is likely not over. On the upside, break of 1.3686 will turn bias to the upside for 38.2% retracement of 1.4667 to 1.3315 at 1.3831 next. However, break of 1.3485 minor support will turn bias back to the downside for retesting 1.3315 low.

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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3561; (P) 1.3601; (R1) 1.3673; More….

Intraday bias in USD/CAD remains neutral for the moment. Current strong rebound reaffirms near term bullishness that rebound from 1.3315 short term bottom is not over. On the upside, break of 1.3686 will turn bias to the upside for 38.2% retracement of 1.4667 to 1.3315 at 1.3831 next. However, break of 1.3485 minor support will turn bias back to the downside for retesting 1.3315 low. Decisive break of 1.3315 will resume whole decline from 1.4667.

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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3502; (P) 1.3537; (R1) 1.3587; More….

USD/CAD dipped to 1.3485 but quickly recovered. Intraday bias remains neutral first. On the upside, break of 1.3686 will resume the rebound from 1.3315 short term bottom. Intraday bias will be turned back to the upside for 38.2% retracement of 1.4667 to 1.3315 at 1.3831. However, break of 1.3465 minor support will turn bias back to the downside for retesting 1.3315 low. Decisive break of 1.3315 will resume whole decline from 1.4667.

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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3485; (P) 1.3558; (R1) 1.3596; More….

Intraday bias in USD/CAD stays neutral first. With 1.3504 minor support intact, rebound from 1.3315 is still in favor to extend higher. On the upside, break of 1.3686 temporary top will target 38.2% retracement of 1.4667 to 1.3315 at 1.3831. However, break of 1.3504 minor support will turn bias back to the downside for retesting 1.3315 low. Decisive break of 1.3315 will resume whole decline from 1.4667.

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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

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USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.3563; (P) 1.3590; (R1) 1.3632; More….

Intraday bias in USD/CAD remains neutral at his point. We’d still expect rebound from 1.3315 to extend higher. On the upside, break of 1.3686 temporary top will target 38.2% retracement of 1.4667 to 1.3315 at 1.3831. However, break of 1.3504 minor support will turn bias back to the downside for retesting 1.3315 low. Decisive break of 1.3315 will resume whole decline from 1.4667.

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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3563; (P) 1.3590; (R1) 1.3632; More….

Intraday bias in USD/CAD remains neutral for the moment. We’d still expect rebound from 1.3315 to extend higher. On the upside, break of 1.3686 temporary top will target 38.2% retracement of 1.4667 to 1.3315 at 1.3831. Though, decisive break of 1.3315 will resume whole decline from 1.4667.

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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

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USD/CAD Weekly Outlook

USD/CAD edged higher to 1.3686 last week but turned sideway since then. Initial bias remains neutral this week first. For now, risk will remain on the upside as long as 1.3315 support holds and another rally is in favor. On the upside, break of 1.3686 will extend the rebound to 38.2% retracement of 1.4667 to 1.3315 at 1.3831.

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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

In the longer term picture, the bullish case of resuming the up trend from 0.9506 (2007 low) is delayed. Consolidation from 1.4689 is extending for another medium term fall. As long as 1.2061 support holds, such up trend should still resume through 1.4689 at a later stage.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3541; (P) 1.3579; (R1) 1.3635; More….

USD/CAD is staying in range trading below 1.3686 and intraday bias remains neutral first. On the downside, break of 1.3315 is needed to confirm resumption of fall from 1.4667. Otherwise, risk will stay mildly on the upside in case of retreat. On the upside, break of 1.3686 will extend the rebound to 38.2% retracement of 1.4667 to 1.3315 at 1.3831.

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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3520; (P) 1.3557; (R1) 1.3602; More….

Intraday bias stays neutral at this point. On the downside, break of 1.3315 is now needed to confirm resumption of fall from 1.4667. Otherwise, risk will stay mildly on the upside in case of retreat. On the upside, break of 1.3686 will extend the rebound to 38.2% retracement of 1.4667 to 1.3315 at 1.3831.

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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

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