Sun, Sep 27, 2020 @ 10:09 GMT

USD/CAD Weekly Outlook

USD/CAD’s rebound from 1.2994 resumed last week and reached as high as 1.3418. As a temporary top was formed there, initial bias is neutral this week for some consolidations first. Further rise is expected as long as 1.3171 support holds. Break of 1.3418 will target 38.2% retracement of 1.4667 to 1.2994 at 1.3633, to correct the whole fall from 1.4667. However, on the downside, break of 1.3171 will argue that the rebound has completed, and turn bias back to the downside for retesting 1.2994.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, firm break of 1.3715 resistance will argue that this falling leg has completed and turn focus back to 1.4667.89 resistance zone.

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) 1.3317; (P) 1.3368; (R1) 1.3409; More….

A temporary top is formed at 1.3148 with the current retreat. Intraday bias in USD/CAD is turned neutral for some consolidations. But further rise is expected as long as 1.3171 support holds. Above 1.3148 will resume the rebound from 1.2994 short term bottom to 38.2% retracement of 1.4667 to 1.2994 at 1.3633. However, break of 1.3171 will turn bias to the downside for retesting 1.2994 low.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, though, break of 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3323; (P) 1.3354; (R1) 1.3414; More….

USD/CAD’s rebound from 1.2994 is still in progress and intraday bias remains on the upside. Further rise should be seen to 38.2% retracement of 1.4667 to 1.2994 at 1.3633. At this point, we’re viewing the rebound as a corrective move. Hence, we’d look for topping sign around there. On the downside, below 1.3283 minor support will turn intraday bias neutral first.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, though, break of 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3275; (P) 1.3311; (R1) 1.3337; More….

Intraday bias in USD/CAD remains on the upside as rebound from 1.2994 short term bottom is in progress. Further rise should be seen to 38.2% retracement of 1.4667 to 1.2994 at 1.3633. At this point, we’re viewing the rebound as a corrective move. Hence, we’d look for topping sign around there. Meanwhile, on the downside, break of 1.3137 minor support is needed to indicate completion of the rebound. Otherwise, further rise 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). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, though, break of 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3208; (P) 1.3264; (R1) 1.3358; More….

Intraday bias in USD/CAD remains on the upside at this point. Rebound from 1.2994 short term bottom is in progress for 38.2% retracement of 1.4667 to 1.2994 at 1.3633. At this point, we’re viewing the rebound as a corrective move. Hence, we’d look for topping sign around there. Meanwhile, on the downside, break of 1.3137 minor support is needed to indicate completion of the rebound. Otherwise, further rise 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). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, though, break of 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

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USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.3157; (P) 1.3183; (R1) 1.3229; More….

USD/CAD’s break of 1.3259 resistance suggests resumption of the rebound from 1.2994. Intraday bias is back on the upside for 38.2% retracement of 1.4667 to 1.2994 at 1.3633. At this point, we’re viewing the rebound as a corrective move. Hence, we’d look for topping sign around there. Meanwhile, on the downside, break of 1.3137 minor support is needed to indicate completion of the rebound. Otherwise, further rise 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). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, though, break of 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3157; (P) 1.3183; (R1) 1.3229; More….

Intraday bias in USD/CAD stays neutral at this point. With 1.3086 minor support intact, further rise is in favor. On the upside, break of 1.3259 will resume the rebound from 1.2994 short term bottom, targeting 38.2% retracement of 1.4667 to 1.2994 at 1.3633, to correct the whole fall from 1.4667. However, on the downside, break of 1.3086 will bring retest of 1.2994 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). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, though, break of 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

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USD/CAD Weekly Outlook

USD/CAD stayed in consolidation below 1.3259 last week, held above 1.3086 minor support. Initial bias remains neutral this week first and further rise is in expected. On the upside, break of 1.3259 will resume the rebound from 1.2994 short term bottom, targeting 38.2% retracement of 1.4667 to 1.2994 at 1.3633, to correct the whole fall from 1.4667. However, on the downside, break of 1.3086 will bring retest of 1.2994 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). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, though, break of 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

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) 1.3127; (P) 1.3187; (R1) 1.3224; More….

USD/CAD failed to break through 1.3259 temporary top in the rally attempt and retreated. Intraday bias remains neural first and outlook is unchanged. Further rise will remain mildly in favor as long as 1.3086 minor support holds. On the upside, break of 1.3259 will target 38.2% retracement of 1.4667 to 1.2994 at 1.3633, to correct the whole fall from 1.4667. However, on the downside, break of 1.3086 will bring retest of 1.2994 low.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, though, break of 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3138; (P) 1.3170; (R1) 1.3211; More….

Intraday bias in USD/CAD remains neutral at this point and further rise is mildly in favor with 1.3086 minor support intact. On the upside, break of 1.3259 will target 38.2% retracement of 1.4667 to 1.2994 at 1.3633, to correct the whole fall from 1.4667. Nevertheless, on the downside, break of 1.3086 will bring retest of 1.2994 low.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, though, break of 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3147; (P) 1.3174; (R1) 1.3214; More….

Intraday bias in USD/CAD remains neutral for the moment. Further rise remains mildly in favor with 1.3086 minor support intact. On the upside, break of 1.3259 will target 38.2% retracement of 1.4667 to 1.2994 at 1.3633, to correct the whole fall from 1.4667. Nevertheless, on the downside, break of 1.3086 will bring retest of 1.2994 low.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, though, break of 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3155; (P) 1.3176; (R1) 1.3199; More….

Intraday bias in USD/CAD stays neutral and further rise remains mildly in favor with 1.3086 minor support intact. On the upside, break of 1.3259 will target 38.2% retracement of 1.4667 to 1.2994 at 1.3633, to correct the whole fall from 1.4667. Nevertheless, on the downside, break of 1.3086 will bring retest of 1.2994 low.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, though, break of 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3153; (P) 1.3181; (R1) 1.3210; More….

Intraday bias in USD/CAD remains neutral for the moment. Further rise is mildly in favor with 1.3086 minor support intact. On the upside, break of 1.3259 will target 38.2% retracement of 1.4667 to 1.2994 at 1.3633, to correct the whole fall from 1.4667. Nevertheless, on the downside, break of 1.3086 will bring retest of 1.2994 low.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, though, break of 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

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USD/CAD Weekly Outlook

USD/CAD’s recovered further to 1.3259 last week but lost momentum well ahead of 55 day EMA and retreated. Initial bias is neutral this week first, and further rise is mildly in favor as long as 1.3086 minor support holds. On the upside, break of 1.3259 will target 38.2% retracement of 1.4667 to 1.2994 at 1.3633, to correct the whole fall from 1.4667. Nevertheless, on the downside, break of 1.3086 will bring retest of 1.2994 low.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, though, break of 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

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) 1.3141; (P) 1.3172; (R1) 1.3224; More….

Intraday bias in USD/CAD remains neutral at this point. Further rise remains in favor with 1.3086 minor support holds. Above 1.3259 will extend the rebound from 1.2994 short term bottom to 55 day EMA (now at 1.3319), and then 38.2% retracement of 1.4667 to 1.2994 at 1.3633. On the downside, though, below 1.3086 minor support will bring retest of 1.2994 instead.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, though, break out 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3109; (P) 1.3184; (R1) 1.3223; More….

Intraday bias in USD/CAD is turned neutral as it retreated deeply after hitting 1.3259. But further rise remains in favor with 1.3086 minor support holds. Above 1.3259 will extend the rebound from 1.2994 short term bottom to 55 day EMA (now at 1.3319), and then 38.2% retracement of 1.4667 to 1.2994 at 1.3633. On the downside, though, below 1.3086 minor support will bring retest of 1.2994 instead.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, though, break out 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3137; (P) 1.3187; (R1) 1.3288; More….

USD/CAD’s break of 1.3239 resistance suggests short term bottoming at 1.2994 on bullish convergence condition in daily MACD. Intraday bias is turned back to the upside for 55 day EMA (now at 1.3328). Firm break there will pave the way to 38.2% retracement of 1.4667 to 1.2994 at 1.3633. On the downside, though, below 1.3086 minor support will bring retest of 1.2994 instead.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, though, break out 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3022; (P) 1.3082; (R1) 1.3118; More….

Consolidation form 1.2994 is still extending and intraday bias remains neutral in USD/CAD. With 1.3239 resistance intact, further decline is in favor. On the downside, break of 1.2994 should target 161.8% projection of 1.4048 to 1.3315 from 1.3715 at 1.2529. However, on the upside, firm break of 1.3239 will confirm short term bottoming, and turn bias to the upside for stronger rebound.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, though, break out 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

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USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3022; (P) 1.3082; (R1) 1.3118; More….

USD/CAD is staying in consolidation from 1.2944 and intraday bias remains neutral first. With 1.3239 resistance intact, further decline is in favor. On the downside, break of 1.2994 should target 161.8% projection of 1.4048 to 1.3315 from 1.3715 at 1.2529. However, on the upside, firm break of 1.3239 will confirm short term bottoming, and turn bias to the upside for stronger rebound.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, though, break out 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

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USD/CAD Weekly Outlook

USD/CAD dropped further to 1.2994 last week but recovered just ahead of 100% projection of 1.4048 to 1.3315 from 1.3715 at 1.2982. Initial bias is neutral this week for some more consolidations first. But outlook stays bearish as long as 1.3239 resistance holds. On the downside, break of 1.2982 should target 161.8% projection at 1.2529. Though, on the upside, firm break of 1.3239 will indicate short term bottoming, and turn bias back to the upside for rebound.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, though, break of 1.3715 resistance is needed to confirm completion of the fall. Otherwise, outlook will stay bearish.

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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