Daily Pivots: (S1) 1.2781; (P) 1.2811; (R1) 1.2861; More….

Intraday bias in USD/CAD remains on the upside as rebound from 1.2246 extends. Further rise should be seen to 1.2919 key resistance. We’d be cautious on strong resistance from there to limit upside. But a firm break there will carry larger bullish implication. On the downside, break of 1.2614 support is needed to signal completion of the rebound. Otherwise, outlook will remain cautiously bullish in case of retreat.

In the bigger picture, the rebound from 1.2246 is mixing up the medium term outlook. Nonetheless, USD/CAD is staying below falling 55 week EMA (now at 1.2771), hence, the bearish case is in favor. That is, fall from 1.4689 is not completed yet. Sustained break of 1.2061 key support will carry larger bearish implication and target 61.8% retracement of 0.9406 to 1.4689 at 1.1424. However, firm break of 1.2919 will revive the case of medium term reversal and turn outlook bullish.

Daily Pivots: (S1) 1.2708; (P) 1.2739; (R1) 1.2799; More….

USD/CAD’s correction from 1.2916 is still in progress and intraday bias stays neutral. Deeper decline could still be seen. . But we’d expect downside to be contained by 1.2598 resistance turned support and bring rebound. Above 1.2836 minor resistance will turn bias back to the upside for 1.2916 first. Further break of 1.2916 will resume whole rally from 1.2061 to 38.2% retracement of 1.4689 to 1.2061 at 1.3065. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2895). Near term outlook will be turned bearish in this case.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.

Daily Pivots: (S1) 1.3750; (P) 1.3780; (R1) 1.3829; More…

Intraday bias in USD/CAD remains on the upside for the moment. Current rise from 1.3091 should target a retest on 1.3976 high. Decisive break there will resume larger up trend. On the downside, below 1.3750 minor support will turn intraday bias neutral and bring consolidations. But near term outlook will remain bullish as long as 1.3568 support holds.

In the bigger picture, current development revives the case that corrective pattern from 1.3976 (2022 high) has completed with three waves down to 1.3091. Decisive break of 1.3976 high will confirm resumption of up trend from 1.2005 (2021 low). Next target will be 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. This will now remain the favored case as long as 1.3378 support holds.

Daily Pivots: (S1) 1.3607; (P) 1.3629; (R1) 1.3658; More….

Intraday bias in USD/CAD remains on the upside despite some loss of upside momentum. As note before, the correction pattern from 1.3976 could have completed with three waves to 1.3299. Further rally should be seen to 1.3860/3976 resistance zone. Decisive break there will resume larger up trend. On the downside, below 1.3521 minor support will delay the bullish case and turn intraday bias neutral first.

In the bigger picture, the up trend from 1.2005 (2021 low) is still in progress. Break of 1.3976 will confirm resumption and target 61.8% projection of 1.2401 to 1.3976 from 1.3261 at 1.4234. Firm break there will pave the way to long term resistance zone at 1.4667/89 (2016, 2020 highs). On the downside, sustained break of 55 W EMA (now at 1.3302) is needed to confirm medium term topping. Otherwise, outlook will remain bullish even in case of deep pull back.

Daily Pivots: (S1) 1.3623; (P) 1.3677; (R1) 1.3708; More….

USD/CAD is trying to draw support from 4 hour 55 EMA and stays well above 1.3534 support. Intraday bias remains neutral and further rise cannot be ruled out yet. But rise from 1.2460 is seen as a corrective pattern. Hence, in case of another rally, we’ll be cautious on topping at around 1.3838 fibonacci level. Meanwhile, consider bearish divergence condition in 4 hour MACD, break of 1.3534 support will argue that rise from 1.2968 is already completed. In such case, intraday bias will be turned back to the downside for 1.3222 support.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. Rise from 1.2460 is seen as the second leg and would end at around 61.8% retracement of 1.4689 to 1.2460 at 1.3838. Break of 1.3222 should indicate the start of the third leg while further break of 1.2968 should confirm. Nonetheless, sustained trading above 1.3838 would pave the way to retest 1.4689 high.

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.

Daily Pivots: (S1) 1.2971; (P) 1.3084; (R1) 1.3155; More….

USD/CAD’s decline extends to as low as 1.3005 so far. Intraday bias remains on the downside for 1.2968 cluster support, 61.8% retracement of 1.2460 to 1.3793 at 1.2969. Decisive break there will confirm our bearish view that whole corrective rise from 1.2460 has completed at 1.3793. On the upside, above 1.3116 minor resistance will turn bias neutral and bring recovery. But upside should be limited below 1.3346 resistance to bring fall resumption.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. Rise from 1.2460 is seen as the second leg and has completed at 1.3793, ahead of 61.8% retracement of 1.4689 to 1.2460 at 1.3838. Break of 1.3222 should now indicate the start of the third leg while further break of 1.2968 should confirm. In that case, USD/CAD should decline through 1.2460 support to 50% retracement of 0.9406 to 1.4869 at 1.2048.

Daily Pivots: (S1) 1.3668; (P) 1.3702; (R1) 1.3743; More….

Intraday bias in USD/CAD remains on the upside at this point. Current rise from 1.3091 should target 61.8% projection of 1.3091 to 1.3693 from 1.3378 at 1.3750. Firm break there will target 100% projection at 1.3980. On the downside, below 1.3654 minor support will turn intraday bias neutral first.

In the bigger picture, current development revives the case that corrective pattern from 1.3976 (2022 high) has completed with three waves down to 1.3091. Decisive break of 1.3976 high will confirm resumption of up trend from 1.2005 (2021 low). Next target will be 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. This will now remain the favored case as long as 1.3378 support holds.

Daily Pivots: (S1) 1.3262; (P) 1.3298; (R1) 1.3347; More…

Intraday bias in USD/CAD remains neutral as consolidation from 1.3345 is extending. Further rise is expected with 1.3177 support intact. On the upside, break of 1.3345 will resume the rebound from 1.3016 for 1.3564/3664 resistance zone. However, break of 1.3177 will turn bias back to the downside for 1.3016 instead.

In the bigger picture, key cluster support of 1.3068 (38.2% retracement of 1.2061 to 1.3664 at 1.3052) remains intact. Medium term rise from 1.2061 low is in favor to resume sooner or later. Firm break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will confirm and target 1.4689 high. However, sustained break of 1.3052/68 will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next.

USD/CAD’s consolidation from 1.3345 continued last week and outlook is unchanged. Initial bias is neutral this week for some more sideway trading. But further rise is expected as long as 1.3177 minor support holds. On the upside, break of 1.3345 will resume the rebound from 1.3016 to 1.3564/3664 resistance zone.

In the bigger picture, focus stays on 1.3068 cluster support (38.2% retracement of 1.2061 to 1.3664 at 1.3052). Strong rebound from there will retain medium term bullish. But sustained break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685, is needed to confirm resumption of up trend from 1.2061 (2017 low). Otherwise, medium term outlook will stay neutral first. Decisive break of 1.3052/68 will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next.

In the longer term picture, outlook remains unchanged that price actions from 1.4689 (2016 high) are forming a corrective pattern. Rejection by 1.3793 resistance would raise the chance of lengthier extension, with risk of dropping through 1.2061 low before completion.

Daily Pivots: (S1) 1.2078; (P) 1.2102; (R1) 1.2125; More…

Intraday bias in USD/CAD is turned neutral with current recovery. We’d stay cautious on strong support from 1.2061 long term cluster support to bring reversal. On the upside, break of 1.2265 support turned resistance will turn bias back to the upside for stronger rebound. However, sustained break of 1.2061 will carry larger bearish implications. Next near term target will be 161.8% projection of 1.2880 to 1.2363 from 1.2653 at 1.1816.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Further decline should be seen back to 1.2061 (2017 low). We’d look for strong support from there to bring rebound. Nevertheless, sustained break of 1.2653 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound. Also, sustained break of 1.2061 will pave the way to 61.8% retracement of 0.9406 to 1.4689 at 1.1424.

Daily Pivots: (S1) 1.3433; (P) 1.3480; (R1) 1.3505; More…

Immediate focus is now on 1.3439 in USD/CAD with current decline. Decisive break there will argue that rebound from 1.3176 has completed as a corrective move to 1.3605. Near term outlook will be turned bearish for 1.3357 support first. On the upside, though, break of 1.3524 minor resistance will retain near term bullishness, and turn bias back to the upside for retesting 1.3605 resistance instead.

In the bigger picture, price actions from 1.3976 (2022 high) are viewed as a corrective pattern only. In case of another fall, strong support should emerge above 1.2947 resistance turned support to bring rebound. Overall, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 at a later stage.

Daily Pivots: (S1) 1.3456; (P) 1.3480; (R1) 1.3502; More…

No change in USD/CAD’s outlook as consolidation from 1.3521 is extending. Intraday bias remains neutral for the moment. Another decline could be seen as consolidation continues. But outlook will remain bullish as long as 1.3274 support holds. On the upside, firm break of 1.3521 will resume the whole rise from 1.3068 to retest 1.3664 high. However, decisive break of 1.3274 support will indicate completion of 1.3068 and turn outlook bearish.

In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3272). Thus, the up trend from 1.2061 (2017 low) should be in progress. On the upside, decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will pave the way to 78.6% retracement at 1.4127 next. This will remain the favored case as long as 1.3068 support holds. However, sustained break the channel support will be the first sign of medium term reversal. Firm break of 1.3068 would confirm.

Daily Pivots: (S1) 1.3489; (P) 1.3645; (R1) 1.3731; More….

USD/CAD’s decline from 1.4667 accelerated to as low as 1.3545 so far today. Intraday bias remains on the downside at this point. Next near term target is 100% projection of 1.4667 to 1.3855 from 1.4048 at 1.3236. On the upside, break of 1.3832 resistance is needed to indicate short term topping. Otherwise, outlook will stay mildly bearish in case of recovery.

In the bigger picture, 1.3664 cluster support (38.2% retracement of 1.2061 (2017 low) to 1.4667 at 1.3672) is taken out firmly. The development suggests that whole rise form 1.2061 has 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.

Daily Pivots: (S1) 1.2531; (P) 1.2544; (R1) 1.2564; More….

For the moment, further rise is in favor with 1.2448 minor support intact. Rally from 1.2061 would target 1.2777 resistance first. Decisive break there will target key medium term fibonacci level at target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. On the downside, break of 1.2448 will indicate short term topping and turn bias back to the downside for retesting 1.2061 low.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4869 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Break of 1.2777 will further affirm this bullish case. That is, larger up trend from 0.9406 is not completed. And in that case, USD/CAD should target 1.3793 resistance next. However, on the other hand, firm break of 1.2048 will indicate that fall from 1.4689 is at least a medium term down trend and should target 61.8% retracement at 1.1424 and below.

Daily Pivots: (S1) 1.3108; (P) 1.3139; (R1) 1.3181; More…

Range trading continues in USD/CAD and intraday bias stays neutral. Further rise is expected with 1.2971 support intact. On the upside, decisive break of 1.3222 will resume larger up trend from 1.2005. Next target is 100% projection of 1.2005 to 1.2947 from 1.2401 at 1.3343.

In the bigger picture, down trend from 1.4667 (2020 high) should have completed at 1.2005, after defending 1.2061 long term cluster support. Rise from there should target 61.8% retracement of 1.4667 to 1.2005 (2021 low) at 1.3650. This will remain the favored case now as long as 1.2516 support holds.

Daily Pivots: (S1) 1.3758; (P) 1.3828; (R1) 1.3952; More…

Intraday bias in USD/CAD stays neutral for consolidation below 1.3976. Outlook will stay bullish as long as 1.3501 support holds. Firm break of 1.3976 will resume larger up trend, and target 200% projection of 1.2005 to 1.2947 from 1.2401 at 1.4285.

In the bigger picture, up trend from 1.2005 (2021 low) is still in progress. Based on current impulsive momentum, it could be resuming long term up trend from 0.9056 (2007 low). Whether it is or it isn’t, retest of 1.4689 (2016 high) should be seen next. This will now remain the favored case as long as 1.3222 resistance turned support holds.

Daily Pivots: (S1) 1.3651; (P) 1.3695; (R1) 1.3758; More….

USD/CAD defended 1.3650 support again and recovered. Intraday bias remains neutral first. On the upside, break of 1.3860 will resume the rally from 1.3261 to retest 1.3976 high. However, firm break of 1.3650 will mix up the near term outlook and bring deeper pullback to 55 day EMA (now at 1.3578).

In the bigger picture, the up trend from 1.2005 (2021 low) is still in progress. Break of 1.3976 will confirm resumption and target 61.8% projection of 1.2401 to 1.3976 from 1.3261 at 1.4234. Firm break there will pave the way to long term resistance zone at 1.4667/89 (2016, 2020 highs). On the downside, break of 1.3261 support is needed to confirm medium term topping. Otherwise, outlook will remain bullish even in case of deep pull back.

USD/CHF’s recovery from 0.9879 extended to 1.0046 last week but formed a temporary top there and retreated. Initial bias is neutral for some consolidations first. Further rise is mildly in favor as long as 0.9977 minor support holds. Above 1.0046 will extend the rise towards 1.0124/8 key resistance zone. As the structure of the rise is corrective looking, we’d expect strong resistance from 1.0124 to limit upside to bring another reversal. On the downside, below 0.9977 minor support will turn bias to the downside for 0.9879 support.

In the bigger picture, loss of upside momentum is seen is bearish divergence in daily MACD. But there is no clear sign of bearish reversal in USD/CHF yet. Rise fro 0.9186 is likely still in progress. Decisive break of 1.0128 resistance will resume this medium term rally to 1.0342 resistance next. This will remain the preferred case now, as long as 0.9716 support holds.

In the long term picture, price actions from 0.7065 (2011 low) are not clearly impulsive yet. Thus, we’ll treat it as developing into a corrective pattern, at least, until a firm break of 1.0342 resistance.

Daily Pivots: (S1) 1.3598; (P) 1.3639; (R1) 1.3717; More….

USD/CAD’s break of 1.3693 minor resistance indicates resumption of whole rally from 1.3091. Intraday bias stays on upside for 61.8% projection of 1.3091 to 1.3693 from 1.3378 at 1.3750. Firm break there will target 100% projection at 1.3980. On the downside, below 1.3654 minor support will turn intraday bias neutral first.

In the bigger picture, current development revives the case that corrective pattern from 1.3976 (2022 high) has completed with three waves down to 1.3091. Decisive break of 1.3976 high will confirm resumption of up trend from 1.2005 (2021 low). Next target will be 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. This will now remain the favored case as long as 1.3378 support holds.