Mon, Jul 26, 2021 @ 23:00 GMT

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2546; (P) 1.2576; (R1) 1.2598; More

Intraday bias in USD/CAD remains neutral at this point, and more consolidations could be seen. Further rally is still expected as long as 1.2485 resistance turned support holds. On the upside, break of 1.2805 will extend the rise from 1.2005 to 1.3022 medium term fibonacci level next. On the downside, however, break of 1.2485 will bring deeper fall back to next cluster support at 1.2301 (61.8% retracement of 1.2005 to 1.2805 at 1.2311).

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

USD/CAD Weekly Outlook

USD/CAD surged to as high as 1.2805 last week but retreated sharply since then. Initial bias stays neutral this week for some consolidations first. But further rally is expected as long as 1.2485 resistance turned support holds. On the upside, break of 1.2805 will extend the rise from 1.2005 to 1.3022 medium term fibonacci level next. On the downside, however, break of 1.2485 will bring deeper fall back to next cluster support at 1.2301 (61.8% retracement of 1.2005 to 1.2805 at 1.2311).

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

In the longer term picture, we’re viewing price actions from 1.4689 as a consolidation pattern. Thus, up trend from 0.9506 (2007 low) is still expected to resume at a later stage. This will remain the favored case as long as 1.2061 support holds, which is close to 50% retracement of 0.9406 to 1.4689 at 1.2048. However, sustained break of 1.2061 will be a sign of long term bearishness. Deeper fall would be seen to 61.8% retracement at 1.1424 and below.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2531; (P) 1.2562; (R1) 1.2595; More

Intraday bias in USD/CAD remains neutral at this point and some consolidations could be seen. Further rise remains in favor as long as 1.2485 resistance turned support holds. On the upside, break of 1.2805 will extend the rise from 1.2005 to 1.3022 medium term fibonacci level next. On the downside, however, break of 1.2485 will bring deeper fall back to next cluster support at 1.2301 (61.8% retracement of 1.2005 to 1.2805 at 1.2311).

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2481; (P) 1.2606; (R1) 1.2685; More

USD/CAD’s pull back from 1.2805 extends lower but stays above 1.2485 resistance turned support. Intraday bias remains neutral first. Further rise is still in favor. Break of 1.2805 will extend the rise from 1.2005 to 1.3022 medium term fibonacci level next. On the downside, however, break of 1.2485 will bring deeper fall back to next cluster support at 1.2301 (61.8% retracement of 1.2005 to 1.2805 at 1.2311).

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2640; (P) 1.2713; (R1) 1.2752; More

Intraday bias in USD/CAD is turned neutral as it retreated after hitting 1.2805. Some consolidations could be seen but further rise is expected as long as 1.2485 resistance turned support holds. On the upside, above 1.2805 will resume the rise from 1.2005 to 1.3022 medium term fibonacci level next.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2634; (P) 1.2721; (R1) 1.2833; More

Intraday bias in USD/CAD remains on the upside at this point. Whole fall from 1.4667 should have completed at 1.2005. Further rally would be seen to 1.3022 medium term fibonacci level next. On the downside, break of 1.2640 minor support will turn intraday bias neutral first. But outlook will now stay bullish as long as 1.2423 support holds, in case of retreat.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.1.2579; (P) 1.2600; (R1) 1.2638; More

USD/CAD rises to as high as 1.2706 so far today, as rise from 1.2005 re-accelerates. The break of 1.2653 resistance now argues that whole fall from 1.4667 has completed. Intraday stays on the upside for 1.3022 medium term fibonacci level next. On the downside, break of 1.2589 support will turn intraday bias neutral first. But outlook will now stay bullish as long as 1.2423 support holds, in case of retreat.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

USD/CAD Weekly Outlook

USD/CAD’s rise from 1.2005 resumed last week and closed strongly at 1.2616. Initial bias stays on the upside this week for 1.2653 structure resistance. Sustained break there will confirm near term reversal. Stronger rise would then be seen to 1.3022 medium term fibonacci level next. On the downside, break of 1.2423 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It might have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

In the longer term picture, we’re viewing price actions from 1.4689 as a consolidation pattern. Thus, up trend from 0.9506 (2007 low) is still expected to resume at a later stage. This will remain the favored case as long as 1.2061 support holds, which is close to 50% retracement of 0.9406 to 1.4689 at 1.2048. However, sustained break of 1.2061 will be a sign of long term bearishness. Deeper fall would be seen to 61.8% retracement at 1.1424 and below.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2527; (P) 1.2570; (R1) 1.2639; More

USD/CAD’s rise from 1.2005 resumes by taking out 1.2589 today. Intraday bias is back on the upside for 1.2653 structure resistance. Decisive break there would confirm larger bullish reversal and target 1.3022 fibonacci level next. On the downside, break of 1.2423 support is needed to indicate short term topping. Otherwise, outlook will stay mildly bullish in case of retreat.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It might have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2451; (P) 1.2488; (R1) 1.2550; More

USD/CAD recovered after drawing support from 4 hour 55 EMA but stays below 1.2589 resistance. Intraday bias remains neutral first. As long as 1.2301 support holds, another rise is in favor. On the upside, break of 1.2589 will resume the rise from 1.2005 to 1.2653 structural resistance to confirm larger bullish reversal. However, on the downside, break of 1.2301 support will dampen the bullish case and turn bias back to the downside for 1.2005 low instead.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It might have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2458; (P) 1.2499; (R1) 1.2554; More

Intraday bias in USD/CAD remains neutral as consolidation from 1.2589 is extending. Another rise is still in favor as long as 1.2301 support holds. Break of 1.2589 will target 1.2653 structural resistance to confirm larger bullish reversal. However, on the downside, break of 1.2301 support will dampen the bullish case and turn bias back to the downside for 1.2005 low instead.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It might have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2428; (P) 1.2471; (R1) 1.2496; More

Consolidation from 1.2589 is still in progress and intraday bias in USD/CAD remains neutral at this point. Another rise is still in favor as long as 1.2301 support holds. Break of 1.2589 will target 1.2653 structural resistance to confirm larger bullish reversal. However, on the downside, break of 1.2301 support will dampen the bullish case and turn bias back to the downside for 1.2005 low instead.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It might have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2411; (P) 1.2484; (R1) 1.2525; More

Intraday bias in USD/CAD remains neutral for consolidation below 1.2589 temporary top. Another rise is still in favor as long as 1.2301 support holds. Break of 1.2589 will target 1.2653 structural resistance to confirm larger bullish reversal. However, on the downside, break of 1.2301 support will dampen the bullish case and turn bias back to the downside for 1.2005 low instead.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It might have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

USD/CAD Weekly Outlook

USD/CAD’s rebound from 1.2005 resumed last week and hit as high as 1.2589. But a temporary top was formed there and initial bias is turned neutral this week first. The break of medium term channel resistance is a sign of reversal. Further rise is in favor as long as 1.2301 support holds. Above 1.2589 will target 1.2653 structural resistance. However, break of 1.2301 support will dampen the bullish case and turn bias back to the downside for 1.2005 low instead.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It might have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

In the longer term picture, we’re viewing price actions from 1.4689 as a consolidation pattern. Thus, up trend from 0.9506 (2007 low) is still expected to resume at a later stage. This will remain the favored case as long as 1.2061 support holds, which is close to 50% retracement of 0.9406 to 1.4689 at 1.2048. However, sustained break of 1.2061 will be a sign of long term bearishness. Deeper fall would be seen to 61.8% retracement at 1.1424 and below.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2475; (P) 1.2532; (R1) 1.2588; More

Intraday bias in USD/CAD stays on the upside at this point. Rebound from 1.2005 low is in progress for 1.2653 resistance. The break of medium term falling channel resistance is a sign of bullish trend reversal. Firm break of 1.2653 should confirm. However, downside, below 1.2421 minor support will turn intraday bias neutral first. But break of 1.2301 support is needed to indicate short term topping. Otherwise, further rally will remain in favor in case of retreat.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It might have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2432; (P) 1.2475; (R1) 1.2528; More

Intraday bias in USD/CAD remains on the upside as rise from 1.2005 low is in progress. The break of medium term falling channel resistance is a sign of bullish trend reversal. Further rise should be seen for 1.2653 resistance for confirmation. On the downside, break of 1.2301 support is needed to indicate short term topping. Otherwise, further rally will remain in favor in case of retreat.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It might have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2345; (P) 1.2420; (R1) 1.2537; More

Breach of 1.2485 resistance suggests resumption of whole rebound from 1.2005. Intraday bias is now on the upside for 1.2653 key structural resistance next. Support from 55 day EMA is a sign of near term bullishness for USD/CAD. Hence, for now, break of 1.2301 support is needed to indicate short term topping. Otherwise, further rally will remain in favor in case of retreat.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It might have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2317; (P) 1.2344; (R1) 1.2370; More

Range trading continues in USD/CAD and intraday bias remains neutral first. On the upside, firm break of 1.2485 resistance will resume whole rise from 1.2005 for 1.2653 key structural resistance next. On the downside, break of 1.2251 support will argue that rebound from 1.2005 has completed after failing medium term channel resistance. Intraday bias will be back on the downside for retesting 1.2005.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It might have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2275; (P) 1.2362; (R1) 1.2416; More

Intraday bias in USD/CAD remains neutral at this point. On the upside, firm break of 1.2485 resistance will resume whole rise from 1.2005 for 1.2653 key structural resistance next. On the downside, break of 1.2251 support will argue that rebound from 1.2005 has completed after failing medium term channel resistance. Intraday bias will be back on the downside for retesting 1.2005.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It might have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

USD/CAD Weekly Outlook

USD/CAD rebounded to 1.2448 last week but reversed from there. Initial bias is turned neutral this week first. On the upside, firm break of 1.2485 resistance will resume whole rise from 1.2005 for 1.2653 key structural resistance next. On the downside, break of 1.2251 support will argue that rebound from 1.2005 has completed after failing medium term channel resistance. Intraday bias will be back on the downside for retesting 1.2005.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It might have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

In the longer term picture, we’re viewing price actions from 1.4689 as a consolidation pattern. Thus, up trend from 0.9506 (2007 low) is still expected to resume at a later stay. This will remain the favored case as long as 1.2061 support holds, which is close to 50% retracement of 0.9406 to 1.4689 at 1.2048. However, sustained break of 1.2061 will be a sign of long term bearishness. Deeper fall would be seen to 61.8% retracement at 1.1424 and below.