USD/CAD edged higher to 1.2913 last week but failed to extend the rally from 1.2526 since then. Initial bias remains neutral this week for some consolidations. As long as 1.2748 minor support holds, further rise is expected. Break of 1.2913 will target a test on 1.3124 high next. Though, break of 1.2748 will turn focus back to 1.2526 support instead.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

In the longer term picture, 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048 remains a key support level to watch. As long as this level holds, we’ll treat fall from 1.4689 as a correction and expect another rally through this level. However, sustained break of 1.2048 will turn favors to the case that rise from 0.9056 (2007 low) is a three wave corrective move that’s completed at 1.4689. And retest of 0.9056/9406 support zone could be seen in medium to long term.

Daily Pivots: (S1) 1.2827; (P) 1.2857; (R1) 1.2912; More….

USD/CAD is still bounded in range below 1.2913 temporary top and intraday bias remains neutral. More consolidation could be seen. But another rise is expected with 1.2748 minor support intact. On the upside, break of 1.2913 will resume the rise from 1.2526 and target 1.3124 high. However, break of 1.2748 will turn focus back to 1.2526 support instead.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

Daily Pivots: (S1) 1.2827; (P) 1.2857; (R1) 1.2912; More….

Intraday bias in USD/CAD remains neutral for consolidation below 1.2913 temporary top. As long as 1.2748 minor support holds, further rally is expected. Break of 1.2913 will turn bias back to the upside for 1.3124 high. However, break of 1.2748 will turn focus back to 1.2526 support instead.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

Daily Pivots: (S1) 1.2808; (P) 1.2860; (R1) 1.2902; More….

Despite edging higher to 1.2913, USD/CAD quickly retreated with 4 hour MACD staying below signal line. Intraday bias is turned neutral again for consolidations. For now, further rally is expected as long as 1.2748 minor support holds. Above 1.2913 will extend the rise from 1.2526 to retest 1.3124 high. However, break of 1.2748 will turn focus back to 1.2526 instead.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

Daily Pivots: (S1) 1.2805; (P) 1.2839; (R1) 1.2875; More….

USD/CAD’s rally from 1.2526 resumes by taking out 1.2899 and hits as high as 1.2910 so far. Intraday bias is back on the upside for 1.3124 resistance. On the downside, below 1.2804 minor support will turn intraday bias neutral again and bring another consolidation.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

Daily Pivots: (S1) 1.2805; (P) 1.2839; (R1) 1.2875; More….

USD/CAD is staying in consolidation below 1.2899 temporary low and intraday bias remains neutral. Deeper retreat could be seen but downside should be by 1.2748 minor support to bring another rise. Above 1.2899 will target 1.3124 resistance next. On the downside, however, firm break of 1.2748 will turn focus back to 1.2526 support instead.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

Daily Pivots: (S1) 1.2800; (P) 1.2849; (R1) 1.2875; More….

Intraday bias in USD/CAD remains neutral for consolidation below 1.2899 temporary top. Downside of retreat should be contained by 1.2748 minor support to bring another rise. Above 1.2899 will target 1.3124 resistance next. On the downside, however, firm break of 1.2748 will turn focus back to 1.2526 support instead.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

USD/CAD rebounded further to as high as 1.2899 last week before forming a temporary top there and retreated. Initial bias is neutral this week first and some consolidations could be seen. For now, decline from 1.3124 is seen as completed with three waves down to 1.2526. The corrective structure suggests that later rebound from 1.2061 is not completed. Hence, retreat from 1.2899 should be contained by 1.2748 minor support and bring another rally. Break of 1.2899 will target 1.3124 high. However, firm break of 1.2748 will turn focus back to 1.2526 support instead.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

In the longer term picture, 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048 remains a key support level to watch. As long as this level holds, we’ll treat fall from 1.4689 as a correction and expect another rally through this level. However, sustained break of 1.2048 will turn favors to the case that rise from 0.9056 (2007 low) is a three wave corrective move that’s completed at 1.4689. And retest of 0.9056/9406 support zone could be seen in medium to long term.

Daily Pivots: (S1) 1.2834; (P) 1.2860; (R1) 1.2899; More….

Intraday bias in USD/CAD remains neutral for consolidation below 1.2896 temporary top. Deeper retreat could be seen but downside should be contained by 1.2748 minor support to bring another rise. Above 1.2896 will turn bias back to the upside for 1.3124 resistance next. However, firm break of 1.2748 will turn focus back to 1.2526 support instead.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

Daily Pivots: (S1) 1.2811; (P) 1.2854; (R1) 1.2889; More….

A temporary top is in place at 1.2896 with 4 hour MACD staying below signal line. Intraday bias in USD/CAD is turned neutral first. Downside of retreat should be contained by 1.2748 minor support to bring another rise. Above 1.2896 will turn bias back to the upside for 1.3124 resistance next. However, firm break of 1.2748 will turn focus back to 1.2526 support instead.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

Daily Pivots: (S1) 1.2808; (P) 1.2834; (R1) 1.2857; More….

USD/CAD surges to as high as 1.2896 so far and intraday bias remains on the upside. Break of 1.2942 resistance will extend the rally from 1.2526 towards 1.3124 next. On the downside, below 1.2811 minor support will turn intraday bias neutral first. But for now, further rise will be expected as long as 4 hour 55 EMA (now at 1.2735) holds.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

Daily Pivots: (S1) 1.2808; (P) 1.2834; (R1) 1.2857; More….

USD/CAD’s rise resumes after brief consolidation and intraday bias remains on the upside. Current rally from 1.2526 should target a test on 1.3124 resistance next. On the downside, below 1.1.2811 minor support will turn intraday bias neutral first. But for now, further rise will be expected as long as 4 hour 55 EMA (now at 1.2719) holds.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

Daily Pivots: (S1) 1.2774; (P) 1.2816; (R1) 1.2890; More….

Intraday bias in USD/CAD remains on the upside for the moment. The rise from 1.2526 is expected to extend to 1.3124 resistance next. On the downside, below 1.2749 minor support will turn intraday bias neutral first. But for now, further rise will be expected as long as 1.2526 support holds.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

Daily Pivots: (S1) 1.2673; (P) 1.2718; (R1) 1.2806; More….

USD/CAD’s rally continues to as high as 1.2839 so far. Firm break of 1.2814 support turned resistance invalidates our bearish view. Pull back from 1.3124 should be completed at 1.2526 already. And rise from 1.2061 low is not completed. Intraday bias stays on the upside for 1.3124 resistance next. On the downside, below 1.2749 minor support will turn intraday bias neutral first.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

Daily Pivots: (S1) 1.2673; (P) 1.2718; (R1) 1.2806; More….

Intraday bias in USD/CAD remains on the upside for further rebound. However, we’re holding on to the view that rebound from 1.2061 has completed with three waves up to 1.3124. Hence, we’d expect strong resistance below 1.2814 support turned resistance to limit upside and bring another fall. On the downside, below 1.2658 minor support will turn bias back to the downside for 1.2526. However, firm break of 1.2814 will invalidate our view and bring stronger rally to retest 1.3124 instead.

In the bigger picture, for now, we’re slightly favoring the view that rise from 1.2061 is a corrective three wave pattern that’s completed at 1.3124, after hitting 38.2% retracement of 1.4689 to 1.2061 at 1.3065. And, fall from 1.3124 is resuming larger down trend from 1.4689 (2015 high). However, break of 1.3124 will revive the case of bullish reversal. That is, the down trend from 1.4689 has completed at 1.2061 already.

USD/CAD rebounded strongly last week after edging lower to 1.2526. Further rise could be seen initially this week. At this point, we’re holding on to the view that rebound from 1.2061 has completed with three waves up to 1.3124. Hence, we’d expect strong resistance below 1.2814 support turned resistance to limit upside and bring another fall. On the downside, below 1.2658 minor support will turn bias back to the downside for 1.2526. However, firm break of 1.2814 will invalidate our view and bring stronger rally to retest 1.3124 instead.

In the bigger picture, for now, we’re slightly favoring the view that rise from 1.2061 is a corrective three wave pattern that’s completed at 1.3124, after hitting 38.2% retracement of 1.4689 to 1.2061 at 1.3065. And, fall from 1.3124 is resuming larger down trend from 1.4689 (2015 high). However, break of 1.3124 will revive the case of bullish reversal. That is, the down trend from 1.4689 has completed at 1.2061 already.

In the longer term picture, 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048 remains a key support level to watch. As long as this level holds, we’ll treat fall from 1.4689 as a correction and expect another rally through this level. However, sustained break of 1.2048 will turn favors to the case that rise from 0.9056 (2007 low) is a three wave corrective move that’s completed at 1.4689. And retest of 0.9056/9406 support zone could be seen in medium to long term.

Daily Pivots: (S1) 1.2611; (P) 1.2643; (R1) 1.2702; More….

USD/CAD’s rebound from 1.2526 extends to as high as 1.2716 so far, breaking 38.2% retracement of 1.2942 to 1.2526 at 1.2685. Intraday bias stays on the upside for 55 day EMA (now at 1.2725) and above. For now, such recovery is seen as a correction. Hence, we’d expect strong resistance below 1.2814 support turned resistance and bring fall resumption. Below 1.2630 minor support will turn bias back to the downside for 1.2526. However, sustained break of 1.2814 will turn focus back to 1.3124 instead.

In the bigger picture, current development turns favors to the case that rise from 1.2061 is a corrective three wave pattern. It could have completed at 1.3124 after hitting 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Focus is now back on 1.2061 and 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. Decisive break there will resume larger down trend from 1.4689 (2016 high) to 61.8% retracement of 0.9406 to 1.4689 at 1.1424.

Daily Pivots: (S1) 1.2611; (P) 1.2643; (R1) 1.2702; More….

Intraday bias in USD/CAD remains mildly on the upside. Rebound from 1.2526 short term bottom should extend to 38.2% retracement of 1.2942 to 1.2526 at 1.2685, or even further to 55 day EMA (now at 1.2725). But upside should be limited well below 1.2814 support turned resistance and bring fall resumption. We’d expect decline from 1.3124 to extend later to 1.2061/2246 support zone.

In the bigger picture, current development turns favors to the case that rise from 1.2061 is a corrective three wave pattern. It could have completed at 1.3124 after hitting 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Focus is now back on 1.2061 and 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. Decisive break there will resume larger down trend from 1.4689 (2016 high) to 61.8% retracement of 0.9406 to 1.4689 at 1.1424.

Daily Pivots: (S1) 1.2560; (P) 1.2609; (R1) 1.2676; More….

As noted before, a short term bottom should be in place at 1.2526. Intraday bias stays mildly on the upside for recovering to 38.2% retracement of 1.2942 to 1.2526 at 1.2685, or even further to 55 day EMA (now at 1.2730). But upside should be limited well below 1.2814 support turned resistance and bring fall resumption. We’d expect decline from 1.3124 to extend later to 1.2061/2246 support zone.

In the bigger picture, current development turns favors to the case that rise from 1.2061 is a corrective three wave pattern. It could have completed at 1.3124 after hitting 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Focus is now back on 1.2061 and 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. Decisive break there will resume larger down trend from 1.4689 (2016 high) to 61.8% retracement of 0.9406 to 1.4689 at 1.1424.

Daily Pivots: (S1) 1.2526; (P) 1.2552; (R1) 1.2577; More….

USD/CAD’s strong rebound and break of 1.2622 minor resistance indicates short term bottoming at 1.2526. Intraday bias is mildly on the upside for recovery back to 38.2% retracement of 1.2942 to 1.2526 at 1.2685, or even further to 55 day EMA (now at 1.2730). But upside should be limited well below 1.2814 support turned resistance and bring fall resumption. We’d expect decline from 1.3124 to extend later to 1.2061/2246 support zone.

In the bigger picture, current development turns favors to the case that rise from 1.2061 is a corrective three wave pattern. It could have completed at 1.3124 after hitting 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Focus is now back on 1.2061 and 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. Decisive break there will resume larger down trend from 1.4689 (2016 high) to 61.8% retracement of 0.9406 to 1.4689 at 1.1424.