Wed, Mar 20, 2019 @ 11:16 GMT

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3268; (P) 1.3308; (R1) 1.3366; More

USD/CAD dipped to 1.3250 overnight but quickly recovered. With 4 hour MACD crossed above signal line again, intraday bias is turned neutral. Further decline remains in favor as long as 1.3371 minor resistance holds. Below 1.3068/3112 support zone. Decisive there will indicate larger reversal and turn outlook bearish. On the upside, though, break of 1.3371 minor resistance will turn intraday back to the upside for 1.3467 resistance. Further break of 1.3467 will revive near term bullishness for 1.3664 key resistance.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3157) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

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USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.3303; (P) 1.3334; (R1) 1.3368; More

USD/CAD’s break of 1.3289 suggests resumption of fall from 1.3467. Intraday bias is back on the downside for 1.3068/3112 support zone. Decisive there will indicate larger reversal and turn outlook bearish. On the upside, though, break of 1.3371 minor resistance will turn intraday back to the upside for 1.3467 resistance.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3157) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3303; (P) 1.3334; (R1) 1.3368; More

Intraday bias in USD/CAD remains neutral but further decline is expected with 1.3371 minor resistance intact. Break of 1.3289 will extend the fall from 1.3467 to 1.3068/3112 support zone. Nevertheless, on the upside, above 1.3371 will suggest that pull back from 1.3467 has completed. That will also revive the bullish case that rise from 1.3068 is still in progress. In such case, intraday bias will be turned back to 1.3467 resistance and above.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3157) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3293; (P) 1.3333; (R1) 1.3377; More

Intraday bias in USD/CAD remains neutral first. With 1.3371 minor resistance intact, further decline is in favor. Break of 1.3289 will extend the fall from 1.3467 to 1.3068/3112 support zone. Nevertheless, on the upside, above 1.3371 will suggest that pull back from 1.3467 has completed. That will also revive the bullish case that rise from 1.3068 is still in progress. In such case, intraday bias will be turned back to 1.3467 resistance and above.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3157) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

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USD/CAD Weekly Outlook

USD/CAD dropped to 1.3289 last week but drew support from 55 day EMA and recovered. Initial bias is neutral this week first. On the upside, break of 1.3371 minor resistance will suggest that pull back from 1.3467 has completed. That will also revive the bullish case that rise from 1.3068 is still in progress. In such case, intraday bias will be turned back to 1.3467 resistance and above. However, break of 1.3289 will extend the decline from 1.3467 to 1.3068/3112 support zone.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3157) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

In the longer term picture, corrective fall from 1.4689 (2015 high) should have completed with three waves down to 1.2061, just ahead of 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. The development keeps long term up trend from 0.9406 and that from 0.9056 (2007 low) intact. For now, there is still prospect of extending the long term up trend through 1.4689.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3298; (P) 1.3324; (R1) 1.3361; More

Intraday bias in USD/CAD remains neutral at this point. The rebound from 1.3068 has possibly completed with three waves up to 1.3467. Further decline would be seen back to 1.3068/3112 key support zone. On the upside, though, break of 1.3371 minor resistance will turn bias back to the upside for 1.3467 resistance instead.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3157) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3270; (P) 1.3320; (R1) 1.3351; More

Current development argues that rebound from 1.3068 has possibly completed with three waves up to 1.3467. Intraday bias mildly on the downside for 1.3068/3112 key support zone. On the upside, though, break of 1.3385 minor resistance will turn bias back to the upside for 1.3467 resistance instead.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3157) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

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USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.3332; (P) 1.3375; (R1) 1.3398; More

USD/CAD drops sharply today but stays above 1.3301 minor support. Intraday bias remains neutral first. As long as 1.3301 holds, we’d still expect another rally. Break of 1.3467 will resume the rise from 1.3068 to retest 1.3664 high. However, decisive break of 1.3301 will suggest that such rebound from 1.3068 has completed with three waves up to 1.2467. That will carry larger bearish implications and should turn bias to the downside for 1.3068/3112 key support zone.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3139) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3332; (P) 1.3375; (R1) 1.3398; More

USD/CAD’s retreat from 1.3467 is still in progress and intraday bias remains neutral. Deeper fall cannot be ruled out but downside should be contained by 1.3301 support to bring another rally. Corrective fall from 1.3664 has completed at 1.3068 already. Break of 1.3467 will target 1.3664 resistance then 1.3685 fibonacci level.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3139) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3378; (P) 1.3409; (R1) 1.3426; More

USD/CAD is staying in consolidation from 1.3467 temporary top and intraday bias remains neutral. In case of deeper retreat, downside should be contained by 1.3301 support to bring another rally. Corrective fall from 1.3664 has completed at 1.3068 already. Break of 1.3467 will target 1.3664 resistance then 1.3685 fibonacci level.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3139) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3385; (P) 1.3426; (R1) 1.3460; More

Intraday bias in USD/CAD remains neutral for consolidation below 1.3468 temporary top. Downside of retreat should be contained by 1.3301 support to bring another rally. Corrective fall from 1.3664 has completed at 1.3068 already. Break of 1.3467 will target 1.3664 resistance then 1.3685 fibonacci level.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3139) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

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USD/CAD Weekly Outlook

USD/CAD surged to as high as 1.3467 last week but formed temporary top there and retreated. Initial bias is turned neutral this week for consolidation first. The break of 1.3340 resistance confirmed completion of corrective decline from 1.3664. Retreat from 1.3467 should be contained by 1.3301 support to bring another rally. On the upside, break of 1.3467 will target 1.3664 resistance then 1.3685 fibonacci level.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3139) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

In the longer term picture, corrective fall from 1.4689 (2015 high) should have completed with three waves down to 1.2061, just ahead of 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. The development keeps long term up trend from 0.9406 and that from 0.9056 (2007 low) intact. For now, there is still prospect of extending the long term up trend through 1.4689.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3424; (P) 1.3446; (R1) 1.3479; More

USD/CAD is losing some upside momentum as seen in 4 hour MACD. But intraday bias stays on the upside with 1.3413 minor support intact. Current rise from 1.3068 should extend to retest 1.3664 and then 1.3685 fibonacci level. On the downside, below 1.3413 will turn intraday bias neutral and bring consolidation first, before staging another rise.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3118) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3316; (P) 1.3338; (R1) 1.3376; More

Intraday bias in USD/CAD remains on the upside for the moment. Pull back from 1.3664 should have completed at 1.3068 already. Further rise should be seen to 1.3664 and then 1.3685 fibonacci level. On the downside, break of 1.3329 minor support will dampen this view and turn bias back to the downside for 1.3112 support instead.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3118) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

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USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.3316; (P) 1.3338; (R1) 1.3376; More

USD/CAD surges to as high as 1.3441 so far in early US session. Intraday bias remains on the upside and outlook is unchanged. The pull back from 1.3664 should have completed at 1.3068. Further rise should be seen for retesting 1.3664 and then 1.3685 fibonacci level. On the downside, below 1.3329 minor support will turn bias neutral first.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3118) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3316; (P) 1.3338; (R1) 1.3376; More

USD/CAD’s break of 1.3340 resistance completes a head and shoulder bottom pattern (ls: 1.3180, h: 1.3068, rs: 1.3112). And the pull back from 1.3664 should have completed at 1.3068. Intraday bias stays on the upside for retesting 1.3664 and then 1.3685 fibonacci level. On the downside, break of 1.3273 minor support will dampen this view and turn bias back to the downside for 1.3112 support instead.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3118) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3274; (P) 1.3306; (R1) 1.3338; More

Intraday bias in USD/CAD remains on the upside with focus on 1.3340 resistance. Decisive break there will complete a head and shoulder bottom pattern (ls: 1.3180, h: 1.3068, rs: 1.3112). That should indicate completion of pull back from 1.3664. In this case, further rally should be seen back to 1.3664 high. On the downside, though, break of 1.3235 minor support will turn bias neutral again first.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3118) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3183; (P) 1.3246; (R1) 1.3361; More

Intraday bias in USD/CAD remains cautiously on the upside for 1.3340 resistance. Decisive break there will complete a head and shoulder bottom pattern (ls: 1.3180, h: 1.3068, rs: 1.3112). That should indicate completion of pull back from 1.3664. In this case, further rally should be seen back to 1.3664 high. On the downside, though, break of 1.3235 minor support will turn bias neutral again first.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3118) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

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USD/CAD Weekly Outlook

USD/CAD staged a strong rebound late last week and initial bias is now back on the upside this week. Decisive break of 1.3340 resistance should complete a head and shoulder bottom pattern (ls: 1.3180, h: 1.3068, rs: 1.3112). That should indicate completion of pull back from 1.3664. In this case, further rally should be seen back to 1.3664 high. On the downside, though, break of 1.3235 minor support will turn bias neutral again first.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3118) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

In the longer term picture, corrective fall from 1.4689 (2015 high) should have completed with three waves down to 1.2061, just ahead of 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. The development keeps long term up trend from 0.9406 and that from 0.9056 (2007 low) intact. For now, there is still prospect of extending the long term up trend through 1.4689.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3140; (P) 1.3174; (R1) 1.3209; More

Intraday bias in USD/CAD remains neutral for the moment. On the upside, break of 1.3242 support will turn bias back to the upside for 1.3340 resistance first. Break will confirm completion of decline from 1.3664. In that case, further rise should be seen back to 1.3664 resistance. On the downside, decisive break of 1.3068 low will firstly resume whole fall from 1.3664. Secondly, it will be a strong sign of medium term bearish reversal.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3099) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

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