Fri, Jan 18, 2019 @ 17:47 GMT

USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.3245; (P) 1.3283; (R1) 1.3317; More

USD/CAD dips notably today but stays above 1.3180 temporary low. Intraday bias remains neutral first. With 1.3323 resistance intact, further decline is expected. On the downside, break of 1.3180 will resume the fall from 1.3664 and target 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start to look for bottoming sign below there. On the upside, above 1.3323 will suggest short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3245; (P) 1.3283; (R1) 1.3317; More

USD/CAD is staying in consolidation from 1.3180 and intraday bias remains neutral at this point. On the downside, break of 1.3180 will resume the fall from 1.3664 and target 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start to look for bottoming sign below there. On the upside, above 1.3323 will suggest short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3234; (P) 1.3259; (R1) 1.3284; More

USD/CAD’s consolidation from 1.3180 is in progress but stays below 1.3323 minor resistance. Intraday bias remains neutral first. On the downside, break of 1.3180 will resume the fall from 1.3664 and target 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start to look for bottoming sign below there. On the upside, above 1.3323 will suggest short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3231; (P) 1.3263; (R1) 1.3301; More

Consolidation from 1.3180 is still in progress and intraday bias stays neutral first. Recovery should be limited by 1.3323 minor resistance to bring another decline. On the downside, break of 1.3180 will resume the fall from 1.3664 and target 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start to look for bottoming sign below there. On the upside, above 1.3323 will suggest short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3256; (P) 1.3277; (R1) 1.3302; More

Intraday bias in USD/CAD stays neutral as consolidation from 1.3180 is still in progress. Recovery should be limited by 1.3323 minor resistance to bring another decline. On the downside, break of 1.3180 will resume the fall from 1.3664 and target 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start to look for bottoming sign below there. On the upside, above 1.3323 will suggest short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

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USD/CAD Weekly Outlook

USD/CAD’s fall from 1.3664 accelerate through 55 day EMA last week and reached as low as 1.3180. A temporary low is in place and initial bias is neutral this week work. But further decline is expected as long as 1.3323 minor resistance holds. Break of 1.3180 will target 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start look for bottoming sign below there. On the upside, above 1.3323 will suggest short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.3016) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

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 prospect of extending the long term up trend to 61.8% projection of 0.9406 to 1.4689 from 1.2061 at 1.5326 in medium to long term.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3207; (P) 1.3233; (R1) 1.3265; More

Intraday bias in USD/CAD is turned neutral as the consolidation fro 1.3180 temporary low might extend. But recovery should be limited by 1.3323 minor resistance to bring another decline. On the downside, break of 1.3180 will resume the fall from 1.3664 and target 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start look for bottoming sign below there. On the upside, above 1.3323 will suggest short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3167; (P) 1.3224; (R1) 1.3269; More

USD/CAD’s fall from 1.3664 reached as low as 1.3180 so far. Downside momentum is diminishing as seen in 4 hour MACD. But there is no clear sign of bottoming yet. Intraday bias stays on the downside for 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start look for bottoming sign below there. On the upside, above 1.3267 minor resistance will turn bias neutral first. But risk will stay on the downside as long as 4 hour 55 EMA (now at 1.3394) remains intact.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

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USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.3254; (P) 1.3288; (R1) 1.3309; More

USD/CAD dives further to as low as 1.3180 so far. Intraday bias remains on the downside and fall from 1.3664 should target 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll start look for bottoming sign below there. On the upside, above 1.3267 minor resistance will turn bias neutral first. But risk will stay on the downside as long as 4 hour 55 EMA (now at 1.3420) remains intact.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3254; (P) 1.3288; (R1) 1.3309; More

USD/CAD drops further to as low as 1.3226 so far today as fall from 1.3664 extends. There is no sign of bottoming yet. Intraday bias stays on the downside for 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We’ll look for bottoming sign below there. On the upside, above 1.3323 minor resistance will turn bias neutral first.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3256; (P) 1.3323; (R1) 1.3368; More

USD/CAD’s decline from 1.3664 extends to as low as 1.3303 so far, and broke mentioned 38.2% retracement of 1.2781 to 1.3664 at 1.3327, which is close to 55 day EMA (now at 1.3324). Intraday bias stays on the downside and further fall would now be seen to 61.8% retracement at 1.3118. Break there will put key channel support (now at 1.2993) into focus. On the upside, above 1.3369 minor resistance will turn intraday neutral first. But even in case of recovery, risk will now stay on the downside as long as 1.3664 resistance holds.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3331; (P) 1.3415; (R1) 1.3458; More

Intraday bias in USD/CAD remains on the downside as the pull back from 1.3664 short term top is in progress. As such decline we’d expect strong support from 38.2% retracement of 1.2781 to 1.3664 at 1.3327, which is close to 55 day EMA (now at 1.3324), to contain downside and bring rebound. On the upside, above 1.3469 minor resistance will turn bias back to the upside for retesting 1.3664 high. However, sustained break of 1.3327 will bring deeper fall to 61.8% retracement at 1.3118 instead.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

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USD/CAD Weekly Outlook

USD/CAD formed a short term top at 1.3664 last week, just ahead of 1.3685 long term fibonacci level, and dropped sharply from there. Initial bias remains on the downside this week for 38.2% retracement of 1.2781 to 1.3664 at 1.3327, which is close to 55 day EMA (now at 1.3324). As such decline is viewed as a corrective move for now, we’d expect strong support from 1.3327 to contain downside to bring rebound. On the upside, above 1.3495 minor resistance will turn bias back to the upside for retesting 1.3664 high. However, sustained break of 1.3327 will bring deeper fall to 61.8% retracement at 1.3118 instead.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. 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 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

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 prospect of extending the long term up trend to 61.8% projection of 0.9406 to 1.4689 from 1.2061 at 1.5326 in medium to long term.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3418; (P) 1.3538; (R1) 1.3606; More

USD/CAD’s pull back from 1.3665 short term top is still in progress. Intraday bias stays on the downside for 38.2% retracement of 1.2781 to 1.3664 at 1.3327. We’d expect downside to be contained there, which is close to 55 day EMA, to bring rebound. On the upside, above 1.3566 minor resistance will turn bias neutral first. But after all, firm break of 1.3664 is now needed to confirm up trend resumption. Otherwise, risk will stay on the upside even in case of recovery.

In the bigger picture, up trend from 1.2061 (2017 low) is still in progress and should target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. At this point, the structure is not clearly impulsive yet. Hence, we’d be cautious on topping between 1.3685/3793. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

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USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.3547; (P) 1.3605; (R1) 1.3642; More

USD/CAD’s break of 1.3566 minor support suggests short term topping at 1.3664, ahead failing 1.3685 fibonacci level. Intraday bias is now back on the downside for pull back to 38.2% retracement of 1.2781 to 1.3664 at 1.3327. We’d expect downside to be contained there to bring rebound. But on the upside, firm break of 1.3664 is now needed to confirm up trend resumption. Otherwise, risk will stay on the upside even in case of recovery.

In the bigger picture, up trend from 1.2061 (2017 low) is still in progress and should target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. At this point, the structure is not clearly impulsive yet. Hence, we’d be cautious on topping between 1.3685/3793. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3547; (P) 1.3605; (R1) 1.3642; More

With 1.3566 minor support intact, further rise is still expected in USD/CAD. Decisive break of 1.3685 fibonacci level will target 1.3793 key medium term resistance next. On the downside, break of 1.3566 will indicate short term topping and bring deeper pull back to 55 day EMA (now at 1.3329).

In the bigger picture, up trend from 1.2061 (2017 low) is still in progress and should target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. At this point, the structure is not clearly impulsive yet. Hence, we’d be cautious on topping between 1.3685/3793. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3487; (P) 1.3573; (R1) 1.3725; More

USD/CAD continues to lose upside momentum ahead of 1.3685 fibonacci level. But with 1.3566 minor support intact, further rise is still in favor. Decisive break of 1.3685 will target 1.3793 key medium term resistance next. On the downside, break of 1.3566 will indicate short term topping and bring deeper pull back to 55 day EMA (now at 1.3319).

In the bigger picture, up trend from 1.2061 (2017 low) is still in progress and should target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. At this point, the structure is not clearly impulsive yet. Hence, we’d be cautious on topping between 1.3685/3793. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3568; (P) 1.3614; (R1) 1.3665; More

USD/CAD continues to lose upside momentum in as seen in 4 hour MACD. But intraday bias on the upside with 1.3566 minor support intact. Current rally should target 1.3685 fibonacci level next. Break there will target 1.3793 key medium term resistance. On the downside, below 1.3566 minor support will turn intraday bias neutral and bring consolidations. But downside should be contained above 1.3322 support to bring another rally.

In the bigger picture, up trend from 1.2061 (2017 low) is still in progress and should target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. At this point, the structure is not clearly impulsive yet. Hence, we’d be cautious on topping between 1.3685/3793. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.2991) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

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USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.3555; (P) 1.3586; (R1) 1.3606; More

USD/CAD’s rally continues today and reaches as high as 1.3639 so far. Intraday bias remains on the upside for 1.3685 fibonacci level next. Break there will target 1.3793 key medium term resistance. On the downside, below 1.3566 minor support will turn intraday bias neutral and bring consolidations. But downside should be contained above 1.3322 support to bring another rally.

In the bigger picture, up trend from 1.2061 (2017 low) is still in progress and should target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. At this point, the structure is not clearly impulsive yet. Hence, we’d be cautious on topping between 1.3685/3793. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.2991) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3555; (P) 1.3586; (R1) 1.3606; More

Despite diminishing upside momentum as seen in 4 hour MACD, with 1.3511 minor support intact, further rise is expected in USD/CAD to 1.3685 fibonacci level next. Break there will target 1.3793 key medium term resistance. On the downside, below 1.3511 minor support will bring lengthier consolidation. But downside should be contained above 1.3322 support to bring another rally.

In the bigger picture, up trend from 1.2061 (2017 low) is still in progress and should target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. At this point, the structure is not clearly impulsive yet. Hence, we’d be cautious on topping between 1.3685/3793. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.2991) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

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