USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2753; (P) 1.2812; (R1) 1.2841; More….

Intraday bias in USD/CAD remains neutral for the moment. Rebound from 1.2588 is still expected to continue. On the upside, above 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.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2925; (P) 1.2940; (R1) 1.2972; More

Intraday bias in USD/CAD stays neutral with focus on 1.2975 minor resistance. For now, we’re holding on to the bullish view that larger rise from 1.2061 is still in progress. On the upside, above 1.2975 support turned resistance will turn bias back to the upside for 1.3063 first. Break will target 1.3225 key near term resistance. However, sustained break of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 will dampen our view and target 50% retracement at 1.2723 next.

In the bigger picture, focus is back on 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level. As long as it holds, rise from 2017 low at 1.2061 is still in progress. Break of 1.3384 should target 61.8% retracement of 1.4689 (2015 high) to 1.2061 (2017 low) at 1.3685. However, sustained break of 1.2879 will dampen his bullish view and turn focus back to 61.8% retracement at 1.2567, which is close to 1.2526 support.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3093; (P) 1.3118; (R1) 1.3135; More….

Further fall is expected in USD/CAD with 1.3242 support turned resistance intact. Decline from 1.3418 would target a test on 1.2994 low. Larger fall from 1.4667 might be resuming. Firm break of 1.2994 will confirm and target 61.8% projection of 1.4667 to 1.2994 from 1.3418 at 1.2384. On the upside, though, break of 1.3242 support turned resistance will dampen this bearish case and turn bias neutral first.

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, firm break of 1.3715 resistance will argue that this falling leg has completed and turn focus back to 1.4667/89 resistance zone.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2910; (P) 1.2959; (R1) 1.2991; More….

Intraday bias in USD/CAD remains on the downside at this point. Decisive break of 1.2928 support will confirm resumption of whole down trend from 1.4667. Next near term target will be 61.8% projection of 1.3389 to 1.2928 from 1.3172 at 1.2887, and then 100% projection at 1.2711. On the upside, above 1.3025 minor resistance will delay the bearish case, and extend the consolidation from 1.2928 with another rising leg first.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Rejection by 55 week EMA is keeping outlook bearish. 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, firm break of 1.3389 resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2290; (P) 1.2316; (R1) 1.2348; More

Outlook in USD/CAD remains unchanged. Intraday bias stays neutral with focus on 4 hour 55 EMA (now at 1.2287). Sustained trading below there will indicate that rebound form 1.2005 has completed after failing medium term channel resistance. Intraday bias will be back on the downside for retesting 1.2005. On the upside, above 1.2402 minor resistance will resume the rebound from 1.2005 towards 1.2653 key structural resistance.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It might have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3323; (P) 1.3361; (R1) 1.3424; More….

Intraday bias in USD/CAD remains neutral first. Further fall is expected as long as 1.3459 resistance holds. Break of 1.3233 will target long term fibonacci level at 1.3056. However, firm break of 1.3459 will indicate short term bottoming, and turn bias back to the upside for 1.3715 resistance instead.

In the bigger picture, the rise from 1.2061 (2017 low) could have 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 of 1.2061 to 1.4667 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3715 resistance holds. However, sustained break of 1.3715 will turn focus back to 1.4689 key resistance.

USD/CAD Weekly Outlook

USD/CAD’s rally from 1.3042 extended to as high as 1.3327 last week before forming a temporary top there and retreated. Initial bias is neutral for some consolidations first. Downside should be contained by 1.3190 support to bring another rally. On the upside, break of 1.3327 will target 1.3347/82 resistance zone. Firm break there will suggest completion of consolidation from 1.3664. However, break of 1.3190 will indicate completion of the rebound and turn bias back to the downside for 1.3042 support.

In the bigger picture, 38.2% retracement of 1.2061 to 1.364 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 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. As long as 1.2061 support holds. up trend from 0.9406 (2011 low) in in favor to resume through 1.4689 at a later stage.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3032; (P) 1.3056; (R1) 1.3073; More

Focus remains on 1.3052/68 cluster support zone in USD/CAD. Sustained trading below this support zone will carry larger bearish implications. Deeper fall should then be seen to 1.2673 fibonacci level next. Nevertheless, rebound from current level, with break of 1.3145 minor resistance, will indicate short term bottoming and bring rebound back to 1.3239 support turned resistance.

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.

USD/CAD Weekly Outlook

USD/CAD edged higher to 1.3124 last week but retreated sharply since than. A short term top was in place and more consolidative trading would be seen in near term. At this point, we’d continue to expect strong support from 1.2802 cluster support zone (38.2% retracement of 1.2246 to 1.3124 at 1.2789) to contain downside. Break of 1.3124 will extend recent rally to 161.8% projection of 1.2061 to 1.2916 from 1.2246 at 1.3629 next. However, firm break of 1.2789/2802 will raise the chance of rejection by 1.3065 medium term fibonacci level and bring deeper fall to 55 day EMA (now at 1.2741) and below.

In the bigger picture, we’re favoring the medium term bullish case. That is, larger down trend from 1.4689 has completed at 1.2061 as a correction, drawing support from 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. Sustained break of 38.2% retracement of 1.4689 to 1.2061 at 1.3065 will pave the way to 61.8% retracement at 1.3685. This will be the preferred case now as long as 1.2802 support holds. However, rejection by 1.3065 will argue that price action from 1.2061 is merely a three wave corrective pattern. And 1.2061 will be put back into focus with medium term bearishness revived.

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.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3239; (P) 1.3255; (R1) 1.3266; More

USD/CAD formed a temporary top at 1.3270 and retreated. Intraday bias is turned neutral for some consolidations first. Downside should be contained by 1.3159 minor support to bring another rally. Above 1.3270 will turn intraday bias to the upside and extend the rise from 1.3042 to 1.3347/82 resistance zone. However, break of 1.3159 will indicate completion of the rebound and turn bias back to the downside for 1.3042 support.

In the bigger picture, 38.2% retracement of 1.2061 to 1.364 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 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 Daily Outlook

Daily Pivots: (S1) 1.4084; (P) 1.4284; (R1) 1.4390; More….

No change in USD/CAD’s outlook as consolidation from 1.4667 is in progress. Downside should be contained well above 61.8% retracement of 1.3202 to 1.4667 at 1.3762 to bring rebound. On the upside, sustained break of 1.4689 will confirm larger up trend resumption.

In the bigger picture, rise from 1.2061 is likely resuming whole up trend from 0.9056 (2007 low). Decisive break of 1.4689 will confirm this bullish case. Next medium term target is 161.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.5545. Rejection form 1.4689 will bring some consolidations first. But outlook will remain bullish as long as 1.3664 resistance turned support holds, even in case of deep pull back.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3152; (P) 1.3184; (R1) 1.3246; More

Intraday bias in USD/CAD remains on the upside at this point. Rebound from 1.3068 short term bottom is in progress for 1.3375 resistance. Decisive break there will indicate completion of whole fall from 1.3664. In that case, further rise should be seen back to retest 1.3664. On the downside, below 1.3172 minor support will turn bias back to the downside for 1.3068. But we’d stay cautious on bottoming near to channel support (now at 1.3061).

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.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3536; (P) 1.3569; (R1) 1.3593; More

Intraday bias in USD/CAD remains neutral as consolidations continue below 1.3605 temporary top. 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.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2966; (P) 1.3028; (R1) 1.3062; More….

USD/CAD’s break of 1.3034 suggests that corrective rebound from 1.2928 has completed at 1.3172 already. Intraday bias is back on the downside for retesting 1.2928 first. Break will resume larger down trend from 1.4667. Next near term targets will be 61.8% projection of 1.3389 to 1.2928 from 1.3172 at 1.2887, and then 100% projection at 1.2711. On the upside, break of 1.3112 minor resistance will turn bias back to the upside to resume the rebound from 1.2928 instead.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Rejection by 55 week EMA is keeping outlook bearish. 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, firm break of 1.3389 resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3229; (P) 1.3262; (R1) 1.3289; More….

Intraday bias in USD/CAD remains mildly on the downside for the moment. Corrective fall from 1.3329 short term top could target 55 day EMA (now at 1.3180). But downside should be contained above 1.3104 resistance turned support to bring another rally. On the upside, sustained break of 1.3327 should confirm completion of consolidation pattern from 1.3664. Further rise should be seen to retest 1.3664 high.

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.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2479; (P) 1.2539; (R1) 1.2572; More….

USD/CAD’s decline is still in progress and intraday bias stays on the downside at this point. Current down trend from 1.14667 should target 61.8% projection of 1.3389 to 1.2588 from 1.2880 at 1.2385. On the upside, break of 1.2597 minor resistance will turn bias neutral and bring consolidations first, before staging another fall.

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 rebound.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2360; (P) 1.2392; (R1) 1.2428; More

USD/CAD’s break of 1.2502 minor resistance suggests that rebound from 1.2005 might be resuming. Intraday bias is back on the upside for 1.2485 resistance first. Break there will target 1.2653 key structural resistance. On the downside, break of 1.2251 support will argue that rebound from 1.2005 has completed after failing medium term channel resistance. Intraday bias will be back on the downside for retesting 1.2005.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It might have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.3631; (P) 1.3713; (R1) 1.3818; More….

Intraday bias in USD/CAD remains on the upside at this point. Current rally target 161.8% projection of 1.2951 to 1.3329 from 1.3202 at 1.3814 first. Break will target 200% projection at 1.3958 next. On the downside, below 1.3517 minor support will turn intraday bias neutral first. But outlook will remain bullish as long as 1.3202 support holds.

In the bigger picture, price actions from 1.3664 (2018 high) are seen as a corrective move that has completed at 1.2951. Rise from 1.2061 (2017 low) should be ready to resume. Decisive break 1.3664 will target 61.8% projection of 1.2061 to 1.3664 from 1.2951 at 1.3941 next. For now, this will remain the favored case as long as 1.3202 support holds, in case of deep pull back.

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2348; (P) 1.2379; (R1) 1.2408; More

Intraday bias in USD/CAD stays neutral as consolidation from 1.2335 temporary low is in progress. Upside of recovery should be limited below 1.2592 support turned resistance to bring another fall. As noted before, rebound from 1.2005 should be finished at 1.2947. Below 1.2335 temporary low will target 161.8% projection of 1.2947 to 1.2492 from 1.2894 at 1.2158 next.

In the bigger picture, the rejection by 38.2% retracement of 1.4667 to 1.2005 at 1.3022 argues that rebound from 1.2005 is merely a corrective rise, which is complete. More importantly, the down trend from 1.4667 (2020 high). is not over yet. Sustained break of 1.2005 will extend the down trend to next long term fibonacci level at 61.8% retracement of 0.9406 to 1.4689 at 1.1424. In any case, outlook will not turn bullish as long as 1.2947 resistance holds.

USD/CAD Weekly Outlook

USD/CAD’s medium term rise resumed last week by surging to as high as 1.3099 last week. 1.3065 medium term fibonacci level was taken out already and there is no sign of topping yet. Initial bias remains on the upside this week. USD/CAD should target 161.8% projection of 1.2061 to 1.2916 from 1.2246 at 1.3629 next. On the downside, below 1.2984 minor support will turn intraday bias neutral first. But near term outlook will stay bullish as long as 1.2802 support holds.

In the bigger picture, we’re favoring the medium term bullish case. That is larger down trend from 1.4689 has completed at 1.2061 as a correction, drawing support from 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. Sustained break of 38.2% retracement of 1.4689 to 1.2061 at 1.3065 will pave the way to 61.8% retracement at 1.3685. This will be the preferred case now as long as 1.2802 support holds.

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.