USD/CAD’s decline accelerated to as long as 1.2335 last week. The development suggests that rebound from 1.2005 has already finished at 1.2947. Initial bias stays on the downside this week for 161.8% projection of 1.2947 to 1.2492 from 1.2894 at 1.2158 next. On the upside, above 1.2445 minor resistance will turn intraday bias neutral and bring consolidations. But risk will now remain on the downside as long as 1.2592 support turned resistance holds.

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.

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, rejection by 55 month EMA, follow by 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) 1.2334; (P) 1.2391; (R1) 1.2428; More…

Intraday bias in USD/CAD remains on the downside for the moment. Current fall from 1.2947 should target 161.8% projection of 1.2947 to 1.2492 from 1.2894 at 1.2158 next. On the upside, above 1.2497 minor resistance will turn intraday bias neutral and bring consolidations. But risk will now remain on the downside as long as 1.2592 support turned resistance holds.

In the bigger picture, current development suggests that rebound from 1.2005 has already completed after rejection by 38.2% retracement of 1.4667 to 1.2005 at 1.3022. That in turn argues that down trend form 1.4667 (2020 high) is not completed. Medium term bearishness is also affirmed by the failure to sustain above 55 week EMA. Break of 1.2005 will resume the down trend to next long term fibonacci level at 61.8% retracement of 0.9406 to 1.4689 at 1.1424.

Daily Pivots: (S1) 1.2424; (P) 1.2451; (R1) 1.2472; More…

USD/CAD dropped further to as low as 1.2371 so far today. The break of 1.2421 key structural support suggests that larger rise from 1.2005 has completed at 1.2947 already. Intraday bias is now on the downside for 161.8% projection of 1.2947 to 1.2492 from 1.2894 at 1.2158 next. On the upside, above 1.2497 minor resistance will turn intraday bias neutral and bring consolidations. But risk will now remain on the downside as long as 1.2592 support turned resistance holds.

In the bigger picture, current development suggests that rebound from 1.2005 has already completed after rejection by 38.2% retracement of 1.4667 to 1.2005 at 1.3022. That in turn argues that down trend form 1.4667 (2020 high) is not completed. Medium term bearishness is also affirmed by the failure to sustain above 55 week EMA. Break of 1.2005 will resume the down trend to next long term fibonacci level at 61.8% retracement of 0.9406 to 1.4689 at 1.1424.

Daily Pivots: (S1) 1.2424; (P) 1.2451; (R1) 1.2472; More…

Intraday bias in USD/CAD remains neutral with focus on 1.2421 key structural support. Larger rise from 1.2005 should still be intact as long as 1.2421 holds. On the upside, break of 1.2592 support resistance will turn bias back to the upside for 1.2773 resistance first. On the downside, however, sustained break of 1.2421 will argue that whole choppy rise from 1.2005 has completed. Deeper fall could then be seen back to retest 1.2005 low.

In the bigger picture, the failure to sustain above 55 week EMA (now at 1.2684) revives some medium term bearishness in USD/CAD. Still as long as 1.2005 support holds, we’d expect another rise ahead, to 38.2% retracement of 1.4667 to 1.2005 at 1.3022. Sustained break there will indicate larger bullish reversal. However, firm break of 1.2005 will resume the down trend from 1.4667 (2020 high).

Daily Pivots: (S1) 1.2434; (P) 1.2466; (R1) 1.2498; More…

Intraday bias in USD/CAD remains neutral for the moment. Focus stays on 1.2421 key structural support. Larger rise from 1.2005 should still be intact as long as 1.2421 holds. On the upside, break of 1.2592 support resistance will turn bias back to the upside for 1.2773 resistance first. On the downside, however, sustained break of 1.2421 will argue that whole choppy rise from 1.2005 has completed. Deeper fall could then be seen back to retest 1.2005 low.

In the bigger picture, the failure to sustain above 55 week EMA (now at 1.2684) revives some medium term bearishness in USD/CAD. Still as long as 1.2005 support holds, we’d expect another rise ahead, to 38.2% retracement of 1.4667 to 1.2005 at 1.3022. Sustained break there will indicate larger bullish reversal. However, firm break of 1.2005 will resume the down trend from 1.4667 (2020 high).

Daily Pivots: (S1) 1.2455; (P) 1.2473; (R1) 1.2500; More…

Intraday bias in USD/CAD is turned neutral with 4 hour MACD crossed above signal line. Focus stays on 1.2421 key structural support. Larger rise from 1.2005 should still be intact as long as 1.2421 holds. On the upside, break of 1.2592 support resistance will turn bias back to the upside for 1.2773 resistance first. On the downside, however, sustained break of 1.2421 will argue that whole choppy rise from 1.2005 has completed. Deeper fall could then be seen back to retest 1.2005 low.

In the bigger picture, the failure to sustain above 55 week EMA (now at 1.2684) revives some medium term bearishness in USD/CAD. Still as long as 1.2005 support holds, we’d expect another rise ahead, to 38.2% retracement of 1.4667 to 1.2005 at 1.3022. Sustained break there will indicate larger bullish reversal. However, firm break of 1.2005 will resume the down trend from 1.4667 (2020 high).

Daily Pivots: (S1) 1.2431; (P) 1.2496; (R1) 1.2541; More…

Intraday bias in USD/CAD remains on the downside for 1.2421 key structural support. Sustained break there will argue that whole choppy rise from 1.2005 has completed. Deeper fall could then be seen back to retest 1.2005 low. On the upside, though, break of 1.2592 support turned resistance will turn bias back to the upside for 1.2773 resistance first.

In the bigger picture, the failure to sustain above 55 week EMA (now at 1.2684) revives some medium term bearishness in USD/CAD. Still as long as 1.2005 support holds, we’d expect another rise ahead, to 38.2% retracement of 1.4667 to 1.2005 at 1.3022. Sustained break there will indicate larger bullish reversal. However, firm break of 1.2005 will resume the down trend from 1.4667 (2020 high) .

USD/CAD dropped sharply to as low as 1.2450 last week and there is no sign of bottoming yet. Initial bias stays on the downside this week for 1.2421 key structural support. Sustained break there will argue that whole choppy rise from 1.2005 has completed. Deeper fall could then be seen back to retest 1.2005 low. On the upside, though, break of 1.2592 support turned resistance will turn bias back to the upside for 1.2773 resistance first.

In the bigger picture, the failure to sustain above 55 week EMA (now at 1.2684) revives some medium term bearishness in USD/CAD. Still as long as 1.2005 support holds, we’d expect another rise ahead, to 38.2% retracement of 1.4667 to 1.2005 at 1.3022. Sustained break there will indicate larger bullish reversal. However, firm break of 1.2005 will resume the down trend from 1.4667 (2020 high) .

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, rejection by 55 month EMA, follow by firm break of 1.2061 support, will argue that USD/CAD has already started a long term down trend.

Daily Pivots: (S1) 1.2527; (P) 1.2564; (R1) 1.2586; More…

USD/CAD’s decline continues today and breaches 1.2492 support. Current decline is seen as the third leg of the pattern from 1.2947, and intraday bias stays on the downside for the moment. Overall, with 1.2421 support intact, rise from 1.2005 should still be in progress for another rise through 1.2947 at a later stage. On the upside, break of 1.2592 will turn bias back to the upside for 1.2773 resistance first. However, sustained break of 1.2421 will argue that larger rise from 1.2005 has completed and turn near term outlook bearish.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should 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 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

Daily Pivots: (S1) 1.2527; (P) 1.2564; (R1) 1.2586; More…

Intraday bias in USD/CAD remains on the downside for the moment. Fall from 1.2891 is seen as the third leg of the pattern from 1.2947, and should target 1.2492 support and possibly below. But overall, with 1.2421 support intact, rise from 1.2005 should still be in progress for another rise through 1.2947 at a later stage. Break of 1.2773 resistance will turn bias back to the upside for retesting 1.2947 high.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should 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 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

Daily Pivots: (S1) 1.2561; (P) 1.2604; (R1) 1.2634; More…

USD/CAD’s fall from 1.2891 is in progress at this point. Such decline is seen as the third leg of the pattern from 1.2947, and should target 1.2492 support and possibly below. But overall, with 1.2421 support intact, rise from 1.2005 should still be in progress for another rise through 1.2947 at a later stage. Break of 1.2773 resistance will turn bias back to the upside for retesting 1.2947 high.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should 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 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

Daily Pivots: (S1) 1.2539; (P) 1.2585; (R1) 1.2623; More…

No change in USD/CAD’s outlook as fall from 1.2891 is in progress. Such decline is seen as the third leg of the pattern from 1.2947, and should target 1.2492 support and possibly below. But overall, with 1.2421 support intact, rise from 1.2005 should still be in progress for another rise through 1.2947 at a later stage. Break of 1.2773 resistance will turn bias back to the upside for retesting 1.2947 high.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should 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 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

Daily Pivots: (S1) 1.2547; (P) 1.2600; (R1) 1.2643; More…

USD/CAD’s decline form 1.2891, as the third leg of the pattern from 1.2947, could still continue. Below 1.2556 will target 1.2492 support and possibly below. But overall, with 1.2421 support intact, rise from 1.2005 should still be in progress for another rise through 1.2947 at a later stage. Break of 1.2773 resistance will turn bias back to the upside for retesting 1.2947 high.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should 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 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

Daily Pivots: (S1) 1.2599; (P) 1.2669; (R1) 1.2710; More…

USD/CAD’s fall from 1.2891 resume by breaking 1.2592 and intraday bias is back on the downside. Such decline is seen as the third leg of the pattern from 1.2947. Deeper fall would be seen to 1.2492 support and possibly below. Overall, with 1.2421 support intact, rise from 1.2005 should still be in progress for another rise through 1.2947 at a later stage. Break of 1.2773 resistance will turn bias back to the upside for retesting 1.2947 high.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should 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 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

Daily Pivots: (S1) 1.2599; (P) 1.2669; (R1) 1.2710; More…

Intraday bias in USD/CAD remains neutral for the moment. On the downside, break of 1.2592 will extend the fall from 1.2891, as the third leg of the pattern from 1.2947, to 1.2492 support and possibly below. On the upside, break of 1.2891 resistance will bring retest of 1.2947 high. Overall, with 1.2421 support intact, rise from 1.2005 should still be in progress for another rise through 1.2947 at a later stage.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should 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 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

USD/CAD recovered after dipping to 1.2592 last week, but quickly lost momentum. Initial bias remains neutral this week first and more sideway trading could be seen. On the downside, break of 1.2592 will extend the fall from 1.2891, as the third leg of the pattern from 1.2947, to 1.2492 support and possibly below. On the upside, break of 1.2891 resistance will bring retest of 1.2947 high. Overall, with 1.2421 support intact, rise from 1.2005 should still be in progress for another rise through 1.2947 at a later stage.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should 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 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

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, rejection by 55 month EMA, follow by firm break of 1.2061 support, will argue that USD/CAD has already started a long term down trend.

Daily Pivots: (S1) 1.2620; (P) 1.2692; (R1) 1.2753; More…

Intraday bias in USD/CAD is turned neutral as the sideway pattern from 1.2947 is still extending. On the downside, break of 1.2592 support will extend the fall from 1.2891, as the third leg of the pattern from 1.2947, to 1.2492 and possibly below. Overall, with 1.2421 support intact, rise from 1.2005 should still be in progress for another rally through 1.2947 at a later stage.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should 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 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

Daily Pivots: (S1) 1.2693; (P) 1.2734; (R1) 1.2798; More…

Intraday bias in USD/CAD is turned back to the upside with break of 1.2729. Further rise would be seen back to 1.2891 resistance first. On the downside, break of 1.2592 support will extend the fall from 1.2891, as the third leg of the pattern from 1.2947, to 1.2492 and possibly below. Overall, with 1.2421 support intact, rise from 1.2005 should still be in progress for another rally through 1.2947 at a later stage.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should 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 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

Daily Pivots: (S1) 1.2614; (P) 1.2661; (R1) 1.2727; More…

Intraday bias in USD/CAD is turned neutral with current recovery. On the downside, break of 1.2592 will resume the fall from 1.2891, as the third leg of the pattern from 1.2947, to 1.2492 support and possibly below. On the upside, above 1.2729 minor resistance will turn bias back to the upside for 1.2891/2947 resistance zone instead. Overall, with 1.2421 support intact, rise from 1.2005 should still be in progress for another rally through 1.2947 at a later stage.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should 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 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

Daily Pivots: (S1) 1.2602; (P) 1.2637; (R1) 1.2664; More…

Intraday bias in USD/CAD remains mildly on the downside. Fall from 1.2891 is seen as the third leg of the pattern from 1.2947. Deeper decline would be seen to 1.2492 support and possibly below. On the upside, above 1.2729 minor resistance will turn bias back to the upside for 1.2891/2947 resistance zone instead. Overall, with 1.2421 support intact, rise from 1.2005 should still be in progress for another rally through 1.2947 at a later stage.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should 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 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.