Daily Pivots: (S1) 1.2695; (P) 1.2720; (R1) 1.2768; More….

USD/CAD’s rebound from 1.2412 short term bottom is still in progress and further rise would be seen. Intraday bias remains on the upside for 38.2% retracement of 1.3793 to 1.2412 at 1.2940. Considering the the pair is losing upside momentum, we’d expect upside to be limited by 1.2940 to complete the correction. On the downside, below 1.2552 minor support will turn bias back to the downside for retesting 1.2412 low first.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. A short term bottom is formed at 1.2412 after hitting 61.8% projection of 1.4689 to 1.2460 from 1.3793 at 1.2415. But there is no sign of completion of the correction yet. Break of 1.2412 will target 50% retracement of 0.9406 to 1.4869 at 1.2048. At this point, we’d look for strong support from there to contain downside and bring rebound. Meanwhile, sustained break of 1.2968, 38.2% retracement of 1.3793 to 1.2412 at 1.2940 will be the first sign of completion of the correction and will turn focus back to 1.3793 key resistance.

Daily Pivots: (S1) 1.3056; (P) 1.3091; (R1) 1.3123; More…

Intraday bias in USD/CAD remains neutral for the moment. On the upside, break of 1.3211 resistance will argue that fall from 1.3598 has completed at 1.2968. And more importantly, rise from 1.2460 is still in progress. In that case, intraday bias will be turned back to the upside for 1.3598 and above. On the downside, below 1.2968 will revive the case that rise from 1.2460 is completed and turn outlook bearish for this low. Overall, choppy rise from 1.2460 is still seen as a corrective move.

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. The second leg could be completed at 1.3598 and fall from there is tentatively seen as the third leg. Break of 1.2460 will target 50% retracement of 0.9460 to 1.4689 at 1.2075 before completing the correction. In case of another rise, we’d look for reversal signal above 61.8% retracement of 1.4689 to 1.2460 at 1.3838.

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Daily Pivots: (S1) 1.3553; (P) 1.3568; (R1) 1.3591; More…

No change in USD/CAD as consolidations continue below 1.3605 temporary top. Intraday bias stays neutral and further rally is expected as long as 1.3439 support holds. Break of 1.3605 will resume the rise from 1.3176 and target 100% projection of 1.3176 to 1.3540 from 1.3357 at 1.3721 next.

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) 1.3106; (P) 1.3135; (R1) 1.3172; More…

USD/CAD’s recovery lost momentum ahead of 1.3211 resistance and retreated. The pair is still bounded in range of 1.2968/3211 and intraday bias remains neutral. On the upside, break of 1.3211 resistance will argue that fall from 1.3598 has completed at 1.2968. And more importantly, rise from 1.2460 is still in progress. In that case, intraday bias will be turned back to the upside for 1.3598 and above. On the downside, below 1.2968 will revive the case that rise from 1.2460 is completed and turn outlook bearish for this low. Overall, choppy rise from 1.2460 is still seen as a corrective move.

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. The second leg could be completed at 1.3598 and fall from there is tentatively seen as the third leg. Break of 1.2460 will target 50% retracement of 0.9460 to 1.4689 at 1.2075 before completing the correction. In case of another rise, we’d look for reversal signal above 61.8% retracement of 1.4689 to 1.2460 at 1.3838.

Daily Pivots: (S1) 1.3304; (P) 1.3341; (R1) 1.3379; More…

Intraday bias in USD/CAD remains neutral as it’s staying in the consolidation from 1.3275 temporary low. Decline from 1.3534 might extend lower and below 1.3275 will turn bias to the downside. But such fall is still seen as a corrective pattern. Hence, we’d expect downside to be contained by 1.3211 cluster level (61.8% retracement of 1.3008 to 1.3534 at 1.3209) and bring rebound. On the upside, above 1.3420 minor resistance will indicate that the pull back is completed and turn bias back to the upside for 1.3534 resistance and then 1.3598. However, sustained break of 1.3211 will dampen this view and target 1.2968 key support level next.

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. The second leg is likely still in progress and could target 61.8% retracement of 1.4689 to 1.2460 at 1.3838. We’d look for reversal signal there to start the third leg. Break of 1.2968 wold at least bring at retest of 1.2460 low. However, sustained trading above 1.3838 would pave the way to retest 1.4689 high.

Daily Pivots: (S1) 1.3280; (P) 1.3297; (R1) 1.3320; More…

USD/CAD is still bounded in consolidation from 1.3345 and intraday bias remains neutral first. Further rally is expected as long as 1.3177 support holds. On the upside, break of 1.3345 will extend the rebound from 1.3016 to 1.3564/3664 resistance zone. On the downside, however, break of 1.3177 support will turn bias back to the downside for retesting 1.3016 low instead.

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.

Daily Pivots: (S1) 1.2978; (P) 1.3010; (R1) 1.3035; More….

USD/CAD fall continues and reaches as low as 1.2971 so far, just inch above 1.2968 cluster support, 61.8% retracement of 1.2460 to 1.3793 at 1.2969. There is no sign of bottoming yet and intraday bias remains on the downside. As noted before, corrective rise from 1.2460 has completed at 1.3793. Sustained break of 1.2968/69 will pave the way to retest 1.2460 low. On the upside, above 1.3045 minor resistance will argue that a short term bottom could be in place after drawing support from 1.2968/69. In such case, intraday bias will be turned back to the upside for recovery back to 1.3164 support turned resistance.

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) 1.2619; (P) 1.2639; (R1) 1.2665; More….

At this point, intraday bias remains on the upside for further rally. Current rebound from 1.2061 should extend to 1.2777 resistance first. Decisive break there will confirm medium term reversal and target 38.2% retracement of 1.4689 to 1.2061 at 1.3065 next. On the downside, break of 1.2450 support is needed to indicate completion of the rebound. Otherwise, outlook will remain mildly bullish in case of retreat.

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 key 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) 1.3704; (P) 1.3733; (R1) 1.3752; More…

Intraday bias in USD/CAD remains neutral and outlook is unchanged. On the upside, break of 1.3782 resistance will argue that correction from 1.3845 has completed with three waves down to 1.3608. Intraday bias will be back to the upside to resume larger rally from 1.3176 through 1.3845. However, sustained trading below 55 D EMA (now at 1.3629) will argue that whole rise from 1.3176 has completed already, and target 1.3477 support next.

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. Firm break of 1.3976 will confirm up resumption of whole up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3176 at 1.4149.

USD/CAD dipped to 1.2623 last week but rebounded ahead of 1.2598 resistance. Upside is limited below 1.2916 resistance so far. Initial bias remains neutral this week first. In case consolidation from 1.2916 extends, downside should be contained by 1.2598 to bring rise resumption. Break of 1.2916 will resume whole rally from 1.2061 and target 1.3065 medium term fibonacci level next. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2888). 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.

In the longer term picture, current development argues that correction from 1.4689 has completed with three waves down to 1.2061 already. And larger up trend from 0.9056 (2007 low) is still in progress. Firm break of 1.3793 resistance should now indicate up trend resumption through 1.4689 high.

Daily Pivots: (S1) 1.3204; (P) 1.3259; (R1) 1.3354; More…

USD/CAD’s strong rally and break of 1.3211 resistance indicates resumption of rebound from 1.2968. Also, it should confirm completion of pull back from 1.3598. Intraday bias is now back on the upside for 1.3598 first. Break will extend the larger rally from 1.2460 towards next fibonacci level at 1.3838. On the downside, though, below 1.3164 minor support will turn bias back to the downside for 1.2968 support instead.

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. The second leg is likely still in progress and could target 61.8% retracement of 1.4689 to 1.2460 at 1.3838. We’d look for reversal signal there to start the third leg. Break of 1.2968 wold at least bring at retest of 1.2460 low. However, sustained trading above 1.3838 would pave the way to retest 1.4689 high.

Daily Pivots: (S1) 1.2834; (P) 1.2851; (R1) 1.2872; More….

Intraday bias in USD/CAD remains neutral for the moment as consolidation from 1.2916 might extend. On the upside, firm break of 1.2916 will resume whole rally from 1.2061 and target 1.3065 medium term fibonacci level next. In case of another fall, we’d expect strong support from 1.2598 to contain downside and bring rebound. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2888). 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.

USD/CAD’s recovery from 1.2412 short term bottom extended to 1.2752 last week. A temporary top should be formed there and initial bias is neutral this week first. At this point, further rise cannot be ruled out yet. But based on current momentum, upside should be limited by 38.2% retracement of 1.3793 to 1.2412 at 1.2940 to bring fall resumption. On the downside, below 1.2552 minor support will argue that the recovery is completed and turn bias back to the downside for retesting 1.2412.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. Such corrective fall is still expected to extend to 50% retracement of 0.9406 to 1.4869 at 1.2048. At this point, we’d look for strong support from there to contain downside and bring rebound. Nonetheless, on the upside, sustained break of 1.2968, 38.2% retracement of 1.3793 to 1.2412 at 1.2940 will be the first sign of completion of the correction and will turn focus back to 1.3793 key resistance.

In the longer term picture, rise from 0.9056 (2007 low) is viewed as a long term up trend. It’s taking a breath after hitting 1.4689. But such rise is expected to resume later to test 1.6196 down the road. But firm break of 50% retracement of 0.9406 to 1.4869 at 1.2048 will raise doubt over this view. In that case, the long term trend could have reversed.

Daily Pivots: (S1) 1.2396; (P) 1.2434; (R1) 1.2465; More….

Intraday bias in USD/CAD remains neutral as consolidation from 1.2354 continues. As long as 1.2623 support turned resistance holds, deeper decline is expected. Break of 1.2354 will extend the fall from 1.2910 to retest 1.2061 low. However, sustained break of 1.2623 will argue that the fall has completed and turn bias back to the upside for 1.2919 resistance.

In the bigger picture, current development argues that rebound from 1.2061 has completed at 1.2919, rejected by 55 week EMA (now at 1.2850) and kept below 38.2% retracement of 1.4689 to 1.2061 at 1.3065. The development also suggests that long term fall from 1.4689 is not completed yet. Decisive break of 1.2061 low will target 61.8% retracement of 0.9406 to 1.4689 at 1.1424. This will now be the favored case as long as 1.2919 resistance holds.

Daily Pivots: (S1) 1.3111; (P) 1.3160; (R1) 1.3211; More…

USD/CAD is still staying in range below 1.3211 resistance. Intraday bias remains neutral first. On the upside, break of 1.3211 resistance will argue that fall from 1.3598 has completed at 1.2968. And more importantly, rise from 1.2460 is still in progress. In that case, intraday bias will be turned back to the upside for 1.3598 and above. On the downside, below 1.2968 will revive the case that rise from 1.2460 is completed and turn outlook bearish for this low. Overall, choppy rise from 1.2460 is still seen as a corrective move.

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. The second leg could be completed at 1.3598 and fall from there is tentatively seen as the third leg. Break of 1.2460 will target 50% retracement of 0.9460 to 1.4689 at 1.2075 before completing the correction. In case of another rise, we’d look for reversal signal above 61.8% retracement of 1.4689 to 1.2460 at 1.3838.

Daily Pivots: (S1) 1.2723; (P) 1.2750; (R1) 1.2784; More….

USD/CAD’s recovery from 1.2412 resumed and reaches as high as 1.2777 so far. Intraday bias is mildly on the upside for further rise. Nonetheless, such rise is viewed as a corrective move. And based on current momentum, upside should be limited by 38.2% retracement of 1.3793 to 1.2412 at 1.2940 to bring fall resumption. On the downside, below 1.2652 minor support will argue that the recovery is completed and turn bias back to the downside for retesting 1.2412.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. Such corrective fall is still expected to extend to 50% retracement of 0.9406 to 1.4869 at 1.2048. At this point, we’d look for strong support from there to contain downside and bring rebound. Nonetheless, on the upside, sustained break of 1.2968, 38.2% retracement of 1.3793 to 1.2412 at 1.2940 will be the first sign of completion of the correction and will turn focus back to 1.3793 key resistance.

Daily Pivots: (S1) 1.2501; (P) 1.2531; (R1) 1.2549; More….

Intraday bias in USD/CAD remains mildly on the downside for retesting 1.2412 low first. Break there will resume the larger decline and target next long term fibonacci level at 1.2048. On the upside, above 1.2606 minor resistance will extend the correction from 1.2412 with another rise. But we’d expect upside to be limited by 38.2% retracement of 1.3793 to 1.2412 at 1.2940 to bring fall resumption eventually.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. Such corrective fall is still expected to extend to 50% retracement of 0.9406 to 1.4869 at 1.2048. At this point, we’d look for strong support from there to contain downside and bring rebound. Nonetheless, on the upside, sustained break of 1.2968, 38.2% retracement of 1.3793 to 1.2412 at 1.2940 will be the first sign of completion of the correction and will turn focus back to 1.3793 key resistance.

Daily Pivots: (S1) 1.3305; (P) 1.3331; (R1) 1.3353; More….

Intraday bias in USD/CAD remains on the downside for the moment. Corrective fall from 1.3534 is resuming and break of 1.3263 will confirm. In that case, we’d expect strong support from 1.3184 cluster level (61.8% retracement of 1.2968 to 1.3534 at 1.3184, 100% projection of 1.3534 to 1.3263 from 1.3455 at 1.3814 too) to contain downside and bring rebound. On the upside, break of 1.3455 will turn bias back to the upside for 1.3534 resistance.

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. The second leg from 1.2460 is likely still in progress and could target 61.8% retracement of 1.4689 to 1.2460 at 1.3838. We’d look for reversal signal there to start the third leg. However, break of 1.2968 will argue that the third leg has already started and should at least bring a retest of 1.2460 low. Meanwhile, sustained trading above 1.3838 would pave the way to retest 1.4689 high.

Daily Pivots: (S1) 1.3026; (P) 1.3052; (R1) 1.3097; More…

Intraday bias in USD/CAD remains neutral as it’s still bounded in range of 1.2968/3211. Near term outlook remains rather mixed. But, on the upside, break of 1.3211 resistance will argue that fall from 1.3598 has completed at 1.2968. And more importantly, rise from 1.2460 is still in progress. In that case, intraday bias will be turned back to the upside for 1.3598 and above. On the downside, below 1.2968 will revive the case that rise from 1.2460 is completed and turn outlook bearish for this low. Overall, choppy rise from 1.2460 is still seen as a corrective move.

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. The second leg could be completed at 1.3598 and fall from there is tentatively seen as the third leg. Break of 1.2460 will target 50% retracement of 0.9460 to 1.4689 at 1.2075 before completing the correction. In case of another rise, we’d look for reversal signal above 61.8% retracement of 1.4689 to 1.2460 at 1.3838.

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Daily Pivots: (S1) 1.3075; (P) 1.3186; (R1) 1.3268; More…

Intraday bias in USD/CAD stays neutral for the moment. At this point, we’re still slightly favoring the case that consolidation pattern from 1.3588 is completed with three waves down to 1.3017. Above 1.3387 will target 1.3598 resistance. Break there will extend the whole choppy rise from 1.2460 to next fibonacci level at 1.3838. However, break of 1.3017 will indicate completion of rise from 1.2460 and turn outlook bearish.

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. The second leg is still in progress and could target 61.8% retracement of 1.4689 to 1.2460 at 1.3838. As rise from 1.2460 is seen as a corrective move, we’d look for reversal signal above 1.3838. Meanwhile, break of 1.3017 will likely start the third leg to 1.2460 and below.

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