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) 1.3168; (P) 1.3189; (R1) 1.3222; More….

USD/CAD’s rally resumes after brief consolidation and intraday bias is back on the upside. Current rise from 1.2951 should target 1.3327 resistance next. As noted before, we’re favoring the case that corrective pattern from 1.3664 has completed as a triangle at 1.2951. Decisive break of 1.3327 should confirm this case. On the downside, break of 1.3117 is needed to indicate completion of the current rally. Otherwise, outlook will stay cautiously bullish in case of retreat.

In the bigger picture, rise from 1.2061 (2017 low) could have completed at 1.3664, after failing 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. However, structure of price actions from 1.3664 argues that it’s probably just a corrective move. Hence, while further fall cannot be ruled out, downside should be contained by 50% retracement of 1.2061 to 1.3664 at 1.2863.

Daily Pivots: (S1) 1.3325; (P) 1.3340; (R1) 1.3366; More….

Intraday bias in USD/CAD stays neutral for the moment. On the upside, above 1.3408 will affirm the case that pull back from 1.3534 has completed. And, intraday bias will be back on the upside for retesting 1.3534. Break there will target 1.3598 high. On the downside, in case of another fall, we’d expect strong support from 1.3211 cluster level (61.8% retracement of 1.3008 to 1.3534 at 1.3209) to contain downside and bring rebound. Overall, we’re still expecting the medium term rise from 1.2460 to resume later.

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) 1.3263; (P) 1.3284; (R1) 1.3301; More….

Further rise is expected in USD/CAD for 1.3327/9 resistance zone. Decisive break there should confirm completion of consolidation pattern from 1.3664. Next target will be 1.3664 high. On the downside, break of 1.3202 will extend the correction from 1.3329 with another fall. But downside should be contained above 1.3104 resistance turned support to bring rebound.

In the bigger picture, price actions from 1.3664 (2018 high) is seen as a corrective move that has probably completed. Rise from 1.2061 (2017 low) might be ready to resume. Decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will pave the way to retest 1.4689 high. However, break of 1.3104 resistance turned support will extend the corrective with another fall through 1.2951 before completion.

Daily Pivots: (S1) 1.3101; (P) 1.3127; (R1) 1.3153; More…

USD/CAD’s rebound and break of 1.3165 minor resistance suggests short term bottoming at 1.3068, on bullish convergence condition in 4 hour MACD. Intraday bias is turned back to the upside for 1.3375 resistance first. Break should indicate completion of whole fall from 1.3664. In that case, further rise should be seen back to retest 1.3664. On the downside, in case of another fall, we’d stay cautious on bottoming as USD/CAD is close to channel support (now at 1.3061). But sustained break of the channel support will pave the way to 100% projection of 1.3664 to 1.3180 from 1.3375 at 1.2891.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3049) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). Firm break of the channel support should confirm reversal target 1.2061 low again.

Daily Pivots: (S1) 1.3310; (P) 1.3353; (R1) 1.3404; More….

Intraday bias in USD/CAD remains neutral for the moment. Overall, fall from 1.3860 is seen as the third leg of the corrective pattern from 1.3976. In case of another decline, down side should be contained by 1.3224/61 support zone to bring rebound. Break of 1.3552 should turn bias back to the upside for stronger rally.

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 1.3282) is needed to confirm medium term topping. Otherwise, outlook will remain bullish even in case of deep pull back.

USD/CAD stayed in consolidation below 1.3585 last week and outlook is unchanged. Further rally is expected as long as 1.3357 support holds. Break of 1.3585 will resume the rebound from 1.3176 for 1.3897 resistance. However, break of 1.3357 will argue that the rebound from 1.3176 has completed and bring retest of this low.

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.

In the longer term picture, price actions from 1.4689 (2016 high) are seen as a consolidation pattern, which might have completed at 1.2005. That is, up trend from 0.9506 (2007 low) is expected to resume at a later stage. This will remain the favored case as long as 1.2947 resistance turned support holds.

Daily Pivots: (S1) 1.3122; (P) 1.3148; (R1) 1.3168; More…

USD/CAD is staying in consolidation from 1.3207 temporary top and intraday bias remains 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) 1.2526; (P) 1.2559; (R1) 1.2592; More….

USD/CAD rises further today but is still staying below 1.2687 resistance. Intraday bias stays neutral at this point. On the upside, break of 1.287 will resume the rebound from 1.2246 and should target a test on 1.2919 key near term resistance. On the downside, below 1.2450 will target 1.2246 first. Break there will extend the fall from 1.2919 and target 1.2061 keys support level.

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, 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) 1.3088; (P) 1.3114; (R1) 1.3130; More…

USD/CAD drops notably today but stays above 1.3059 temporary low. Intraday bias remains neutral with focus on 1.3052/68 cluster support zone. Decisive break there will carry larger bearish implication and target 1.2673 fibonacci level next. However, break of 1.3151 support turned resistance will indicate short term bottoming and bring rebound back to 1.3239/3432 resistance zone.

In the bigger picture, medium term outlook stays neutral for now even though the case of bearish reversal is building up. Decisive break of 1.3068 cluster support (38.2% retracement of 1.2061 to 1.3664 at 1.3052) will confirm completion of up trend from 1.2061 (2017 low). Further fall should be seen to 61.8% retracement at 1.2673 next. On the upside, 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, risk will stay on the downside.

Daily Pivots: (S1) 1.3338; (P) 1.3389; (R1) 1.3445; More….

Intraday bias in USD/CAD remains neutral and outlook is unchanged. The choppy decline from 1.3704 might still extend lower, but strong support is expected to 1.3224 key support to bring rebound. On the upside, above 1.3474 resistance will confirm short term bottoming, and turn intraday bias back to the upside for retesting 1.3704 resistance. However, decisive break of 1.3224 would carry larger bearish implication.

In the bigger picture, as long as 1.3222 cluster support (38.2% retracement of 1.2005 to 1.3976 at 1.3223) holds, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 high at a later stage. However, firm break of 1.3222/3 will indicate that the trend might have reversed. Deeper fall would be seen to next cluster support at 1.2726 (61.8% retracement at 1.2758).

Daily Pivots: (S1) 1.3722; (P) 1.3788; (R1) 1.3862; More…

Intraday bias in USD/CAD stays on the upside with 1.3701 minor support intact. Current up trend should target 161.8% projection of 1.2005 to 1.2947 from 1.2401 at 1.3925. Decisive break there will target 200% projection at 1.4285. On the downside,e below 1.3701 minor support will turn intraday bias neutral first. but outlook will stays bullish as long as 1.3501 support holds, in case of retreat.

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) 1.2451; (P) 1.2495; (R1) 1.2525; More….

Intraday bias in USD/CAD remains on the downside for 1.2412 low. Firm break there will resume the larger fall and target next long term fibonacci level at 1.2048. On the upside, above 1.2597 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) 1.3313; (P) 1.3343; (R1) 1.3382; More…

USD/CAD’s fall from 1.3534 resumed by taking out 1.3275 and reaches as low as 1.3263 so far. Intraday bias is back on the downside for 1.3211 cluster level (61.8% retracement of 1.3008 to 1.3534 at 1.3209). As such decline is viewed as a correction pattern, we’d expect downside to be contained by 1.3209/11 to bring rebound. On the upside, break of 1.3377 resistance will 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.

After dipping to 1.2457 initially, USD/CAD staged a strong rally last week and broke through 1.2675 resistance. The development confirms resumption of whole rise from 1.2401. Initial bias is now on the upside this week for 1.2899 resistance next. On the downside, below 1.2606 minor support will mix up the outlook and turn intraday bias neutral again.

In the bigger picture, focus stays on 38.2% retracement of 1.4667 (2020 high) to 1.2005 (2021 low) at 1.3022. Sustained break there should confirm that the down trend from 1.4667 has completed after defending 1.2061 long term cluster support. Further rise would then be seen towards 61.8% retracement at 1.3650. However, rejection by 1.3022 will maintain medium term bearishness. Break of 1.2005 will resume the down trend from 1.4667 and that carries larger bearish implications too.

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, firm break of 1.2061 support will argue that USD/CAD has already started a long term down trend. Next target is 61.8% retracement of 0.9406 to 1.4689 at 1.1424.

Daily Pivots: (S1) 1.3283; (P) 1.3334; (R1) 1.3394; More…

Despite breaching 1.3381 to 1.3385, USD/CAD quickly retreated back to established range. Intraday bias remains neutral as consolidation could extend. In case of deeper pull back, downside should be contained above 1.3067 resistance turned support to bring rise resumption. On the upside, firm break of 1.3381 will resume recent rally for 1.3685 medium term fibonacci level next.

In the bigger picture, current development solidify the view of bullish trend reversal. That is fall from 1.4689 (2015 high) has completed at 1.2061, ahead of 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. Further rally should be seen for 61.8% retracement of 1.4689 to 1.2061 at 1.3685 and above. This will now be the preferred case as long as 1.2916 resistance turned support holds, even in case of deep pull back.

Daily Pivots: (S1) 1.2720; (P) 1.2798; (R1) 1.2857; More….

Intraday bias in USD/CAD remains neutral first. Rebound from 1.2588 short term bottom is expected to extend higher as long as 1.2684 minor support holds. Break of 1.2880 will target 1.2994 support turned resistance. However, break of 1.2684 minor support will argue that the rebound has completed and bring retest of 1.2588 low.

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). In any case, break of 1.3389 resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.

Daily Pivots: (S1) 1.3203; (P) 1.3237; (R1) 1.3267; More….

Intraday bias in USD/CAD remains neutral for consolidation above 1.3176 temporary low. Outlook will stay bearish as long as 1.3353 resistance holds. Below 1.3176 will resume the whole decline from 1.3976 to 100% projection of 1.3860 to 1.3299 from 1.3653 at 1.3092 next.

In the bigger picture, price actions from 1.3976 are still viewed as a correction to up trend from 1.2005 (2021 low), but chance of trend reversal is increasing with current decline. But in either case, sustained trading below 38.2% retracement of 1.2005 to 1.3976 at 1.3233 will pave the way to 61.8% retracement at 1.2758. Risk will stay on the downside as long as 1.3653 resistance holds, even in case of strong rebound.

Daily Pivots: (S1) 1.2539; (P) 1.2556; (R1) 1.2584; More…

USD/CAD is still bounded in range of 1.2501/2646 and intraday bias remains neutral at this point. On the upside, break of 1.2363. But overall outlook will stay bearish as long as 1.2742 resistance holds, and eventual downside breakout is expected. On the downside, break of 1.2501 minor support will bring retest of 1.2363 low first.

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). In any case, break of 1.2994 support turned resistance resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 1.2488; (P) 1.2529; (R1) 1.2588; More…

Intraday bias in USD/CAD remains neutral for consolidation above 1.2452 temporary low. Further fall is expected as long as 1.2619 support turned resistance holds. Current development argues that whole pattern from 1.2005 has completed with three waves to 1.2963. Below 1.2452 will target 1.2286 support, and possibly further to retest 1.2005 low. Nevertheless, firm break of 1.2619 will bring stronger rebound back to 1.2812 resistance.

In the bigger picture, focus will be on 38.2% retracement of 1.4667 (2020 high) to 1.2005 (2021 low) at 1.3022. Sustained break there should confirm that the down trend from 1.4667 has completed after defending 1.2061 long term cluster support. Further rise would then be seen towards 61.8% retracement at 1.3650. However, rejection by 1.3022 will maintain medium term bearishness. Break of 1.2005 will resume the down trend form 1.4667 and that carries larger bearish implications too.