Daily Pivots: (S1) 1.3196; (P) 1.3232; (R1) 1.3301; More…

USD/CAD rebounded strongly after hitting 1.3160, ahead of 38.2% retracement of 1.2781 to 1.3359 at 1.3138. But upside is limited below 1.3359 and intraday bias is turned neutral first. On the upside, decisive break of 1.3359.85 resistance zone will confirm resumption of medium term up trend. But before that, risk remains mildly on the downside for another fall. Break of 1.3160 will target 61.8% retracement at 1.3002.

In the bigger picture, current development argues that medium term corrective pattern from 1.3385 is extending with another falling leg. While deeper decline could be seen, downside should be contained by 50% retracement of 1.2061 to 1.3385 at 1.2723 to bring rebound. An eventual upside break out is still expected to 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685, at a later stage.

Daily Pivots: (S1) 1.3148; (P) 1.3209; (R1) 1.3259; More…

Intraday bias in USD/CAD remains on the downside for the moment. Rise from 1.2781 should have completed at 1.3359, ahead of 1.3385 key resistance. Further fall should be seen to 38.2% retracement of 1.2781 to 1.3359 at 1.3138 first. Break will target 61.8% retracement at 1.3002. On the upside, break of 1.3385 resistance is needed to confirm upside momentum. Otherwise, risk will stay on the downside even in case of strong rebound.

In the bigger picture, current development argues that medium term corrective pattern from 1.3385 is extending with another falling leg. While deeper decline could be seen, downside should be contained by 50% retracement of 1.2061 to 1.3385 at 1.2723 to bring rebound. An eventual upside break out is still expected to 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685, at a later stage.

Daily Pivots: (S1) 1.3263; (P) 1.3299; (R1) 1.3324; More…

USD/CAD’s sharp decline and break of 1.3187 support today confirms short term reversal, after rejection by 1.3385 key resistance. Intraday bias is turned to the downside for 38.2% retracement of 1.2781 to 1.3359 at 1.3138 first. Break will target 61.8% retracement at 1.3002. On the upside, break of 1.3385 resistance is needed to confirm upside momentum. Otherwise, risk will stay on the downside even in case of strong rebound.

In the bigger picture, current development argues that medium term corrective pattern from 1.3385 is extending with another falling leg. While deeper decline could be seen, downside should be contained by 50% retracement of 1.2061 to 1.3385 at 1.2723 to bring rebound. An eventual upside break out is still expected to 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685, at a later stage.

USD/CAD rise from 1.2781 extended again last week but upside momentum remained unconvincing. Hence, while further rally might be seen this week, we stay cautious on strong resistance from 1.3385 to limit upside and bring near term reversal. On the downside, break of 1.3187 support will argue that rise from 1.2781 has completed. And intraday bias would be turned back to the downside for 55 day EMA (now at 1.3134) and below. Nevertheless, strong break of 1.3385 will confirm medium term up trend resumption.

In the bigger picture, current development argues that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.

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.

Daily Pivots: (S1) 1.3254; (P) 1.3283; (R1) 1.3314; More…

No change in USD/CAD’s outlook. Further rise could be seen but upside momentum remain unconvincing. Hence, we’d be cautious on topping around 1.3385 to bring near term reversal. On the downside, break of 1.3187 support will argue that rise from 1.2781 has completed. And intraday bias would be turned back to the downside for 55 day EMA (now at 1.3134) and below. Nevertheless, strong break of 1.3385 will confirm medium term up trend resumption.

In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.

Daily Pivots: (S1) 1.3226; (P) 1.3293; (R1) 1.3345; More…

Upside momentum in USD/CAD remains unconvincing, as seen in the structure of the rise from 1.2781. In case of another rally, we’d be cautious on topping around 1.3385 to bring near term reversal. On the downside, break of 1.3187 support will argue that rise from 1.2781 has completed. And intraday bias would be turned back to the downside for 55 day EMA (now at 1.3127) first. Nevertheless, strong break of 1.3385 will confirm medium term up trend resumption.

In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.

Daily Pivots: (S1) 1.3246; (P) 1.3288; (R1) 1.3340; More…

USD/CAD’s break of 1.3318 suggests that rise from 1.2781 has resumed. Intraday bias is back on the upside for 1.3385 key resistance. As upside momentum is rather unconvincing for now, we’d be cautious on topping around 1.3385 to bring near term reversal. On the downside, break of 1.3187 support will argue that rise from 1.2781 has completed. And intraday bias would be turned back to the downside for 55 day EMA (now at 1.3123) first. Nevertheless, strong break of 1.3385 will confirm medium term up trend resumption.

In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.

Daily Pivots: (S1) 1.3207; (P) 1.3234; (R1) 1.3282; More…

Intraday bias in USD/CAD remains neutral at this point. With 1.3141 support intact, further rise is expected in the pair. On the upside, break of 1.3318 will extend the rally from 1.2781 to 1.3385 key resistance next. On the downside, break of 1.3141, however, will indicate short term topping and turn bias to the downside for 1.3056 support first.

In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.

Daily Pivots: (S1) 1.3194; (P) 1.3227; (R1) 1.3269; More…

Intraday bias in USD/CAD remains neutral and another rise is still expected with 1.3141 support intact. On the upside, break of 1.3318 will extend the rally from 1.2781 to 1.3385 key resistance next. On the downside, break of 1.3141, however, will indicate short term topping and turn bias to the downside for 1.3056 support first.

In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.

USD/CAD’s rise from 1.2781 extended to 1.3318 last week even though upside momentum remained rather unconvincing. As a temporary too is in place, initial bias is neutral first. Outlook stays bearish as long as 1.3141 support holds. On the upside, break of 1.3318 will extend the rally to 1.3385 key resistance next. On the downside, break of 1.3141 will indicate short term topping and turn bias to the downside for 1.3056 support first.

In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.

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.

Daily Pivots: (S1) 1.3166; (P) 1.3207; (R1) 1.3231; More…

Intraday bias in USD/CAD remains neutral at this point. Near term outlook remains bullish as long as 1.3141 support holds. On the upside, above 1.3318 will extend the rise from 1.2781 to 1.3385 resistance. Decisive break there will resume larger up trend from 1.2061 to 1.3685 fibonacci level next. However, break of 1.3141 will argue that the choppy rebound has completed and turn bias back to the downside.

In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.

Daily Pivots: (S1) 1.3200; (P) 1.3260; (R1) 1.3291; More…

USD/CAD retreated sharply after hitting 1.3318 and intraday bias is turned neutral first. Some consolidations would be seen. But near term outlook remains bullish as long as 1.3141 support holds. On the upside, above 1.3318 will extend the rise from 1.2781 to 1.3385 resistance. Decisive break there will resume larger up trend from 1.2061 to 1.3685 fibonacci level next.

In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.

Daily Pivots: (S1) 1.3203; (P) 1.3261; (R1) 1.3367; More…

Intraday bias in USD/CAD remains on the upside at this point. Current rise from 1.2781 is in progress for 1.3385 resistance. Decisive break there will resume larger up trend from 1.2061 to 1.3685 fibonacci level next. On the downside, break of 1.3141 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.

Daily Pivots: (S1) 1.3141; (P) 1.3171; (R1) 1.3203; More…

USD/CAD’s strong rise and breach for 1.3264 suggests resumption of recent rise from 1.2781. Intraday bias is back on the upside for 1.3385 resistance next. On the downside, break of 1.3141 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.

Daily Pivots: (S1) 1.3141; (P) 1.3171; (R1) 1.3203; More…

USD/CAD remains bounded in range of 1.3056/3264 and intraday bias remains neutral at this point. With 1.3056 support intact, further rise is expected in the pair. On the upside, break of 1.3264 will resume the rise from 1.2781 and target 1.3385 key resistance next. On the downside, however, break of break of 1.3056 will indicate near term reversal and turn outlook bearish.

In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.

Daily Pivots: (S1) 1.3121; (P) 1.3155; (R1) 1.3182; More…

Intraday bias in USD/CAD remains neutral at this point. And further rise is expected as long as 1.3056 support holds. On the upside, break of 1.3264 will resume the rise from 1.2781 and target 1.3385 key resistance next. On the downside, however, break of break of 1.3056 will indicate near term reversal and turn outlook bearish.

In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.

USD/CAD edged higher to 1.3264 last week but retreated sharply since then. However, the pair is staying inside near term rising channel, and well above 1.3056 support. Thus, there is no indication of reversal yet. Initial bias remains neutral this week first. As long as 1.3056 support holds, near term outlook remains bullish and further rally is expected. On the upside, break of 1.3264 will resume the rise from 1.2781 and target 1.3385 key resistance next. On the downside, however, break of break of 1.3056 will indicate near term reversal and turn outlook bearish.

In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.

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.

Daily Pivots: (S1) 1.3137; (P) 1.3196; (R1) 1.3237; More…

USD/CAD’s pull back from 1.3264 extends lower today. But it’s, after all, staying above 1.3056 support as well as inside near term channel. Intraday bias remains neutral and another rise remains in favor. On the upside, above 1.3264 will extend the rally from 1.2781 to retest 1.3385 high. However, break of 1.3056 will indicate near term reversal and turn outlook bearish.

In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.

Daily Pivots: (S1) 1.3212; (P) 1.3238; (R1) 1.3268; More…

A temporary top is in place at 1.3264 in USD/CAD and intraday bias is turned neutral first. Further rise is expected as long as 1.3056 support holds. On the upside, above 1.3264 will extend the rally from 1.2781 to retest 1.3385 high. However, break of 1.3056 will indicate near term reversal and turn outlook bearish

In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.

Daily Pivots: (S1) 1.3211; (P) 1.3238; (R1) 1.3260; More…

Intraday bias in USD/CAD remains on the upside for further rally. Sustained trading above 1.3225 will confirm completion of choppy fall from 1.3385. Further rally should then be seen to retest 1.3385 high. On the downside, break of 1.3056 support is needed to indicate short term reversal. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.