Daily Pivots: (S1) 1.2105; (P) 1.2149; (R1) 1.2173; More…

Intraday bias in USD/CAD stays on the downside for the moment. Current down trend from 1.4669 should target 1.2061 long term cluster support next. We’d be cautious on strong support from there to bring reversal. On the upside, break of 1.2265 support turned resistance will turn bias back to the upside for stronger rebound. However, sustained break of 1.2061 will sustained break of 1.2061 will carry larger bearish implications. Next near term target will be 161.8% projection of 1.2880 to 1.2363 from 1.2653 at 1.1816.

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). We’d look for strong support from there to bring rebound. Nevertheless, sustained break of 1.2653 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound. Also, sustained break of 1.2061 will pave the way to 61.8% retracement of 0.9406 to 1.4689 at 1.1424.

USD/CAD’s down trend continued last week and met 100% projection of 1.2880 to 1.2363 from 1.2653 at 1.2136 already. There is no clear sign of bottoming yet. Initial bias stays on the downside this week for 1.2061 long term cluster support next. We’d be cautious on strong support from there to bring reversal. On the upside, break of 1.2265 support turned resistance will turn bias back to the upside for stronger rebound. However, sustained break of 1.2061 will sustained break of 1.2061 will carry larger bearish implications. Next near term target will be 161.8% projection at 1.1816.

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). We’d look for strong support from there to bring rebound. Nevertheless, sustained break of 1.2653 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound. Also, sustained break of 1.2061 will pave the way to 61.8% retracement of 0.9406 to 1.4689 at 1.1424.

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 stay. 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, sustained break of 1.2061 will be a sign of long term bearishness. Deeper fall would be seen to 61.8% retracement at 1.1424 and below.

Daily Pivots: (S1) 1.2099; (P) 1.2193; (R1) 1.2245; More…

USD/CAD’s decline extends to as low as 1.2140 so far, just inch above 100% projection of 1.2880 to 1.2363 from 1.2653 at 1.2136. Intraday bias stays on the downside for the moment. Next target is long term cluster support at 1.2061. We’d be cautious on strong support from there to bring reversal. On the upside, break of 1.2265 minor resistance will turn bias to the upside to for rebound back to 55 day EMA (now at 1.2510). However, sustained break of 1.2061 will carry larger bearish implications. Next near term target will be 161.8% projection at 1.1816.

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). We’d look for strong support from there to bring rebound. Nevertheless, sustained break of 1.2653 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound. Also, sustained break of 1.2061 will pave the way to 61.8% retracement of 0.9406 to 1.4689 at 1.1424.

Daily Pivots: (S1) 1.2239; (P) 1.2277; (R1) 1.2301; More…

USD/CAD’s down trends resumed by breaking 1.2265 temporary low and intraday bias is back on the downside. Next target is 100% projection of 1.2880 to 1.2363 from 1.2653 at 1.2136. On the upside, however, break of 1.2350 minor resistance should now indicate short term bottoming. Intraday bias would then be turned back to the upside for rebound to 55 day EMA (now at 1.2524).

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). We’d look for strong support from there to bring rebound. Nevertheless, sustained break of 1.2653 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 1.2268; (P) 1.2310; (R1) 1.2344; More…

Intraday bias in USD/CAD remains neutral for the moment as consolidation continues above 1.2265 temporary low. In case of another recovery, upside should be limited by 1.2417 minor resistance to bring down trend resumption. On the downside, break of 1.2265 will target 100% projection of 1.2880 to 1.2363 from 1.2653 at 1.2136 next.

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). We’d look for strong support from there to bring rebound. Nevertheless, sustained break of 1.2653 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 1.2258; (P) 1.2288; (R1) 1.2309; More…

USD/CAD is staying in consolidation above 1.2265 temporary low and intraday bias remains neutral. In case of another recovery, upside should be limited well below 1.2653 resistance to bring down trend resumption. Break of 1.2265 will target 100% projection of 1.2880 to 1.2363 from 1.2653 at 1.2136 next.

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). We’d look for strong support from there to bring rebound. Nevertheless, sustained break of 1.2653 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 1.2266; (P) 1.2294; (R1) 1.2323; More…

Intraday bias in USD/CAD remains neutral for consolidation above 1.2265 temporary low. Upside of recovery should be limited well below 1.2653 resistance to bring down trend resumption. Break of 1.2265 will target 100% projection of 1.2880 to 1.2363 from 1.2653 at 1.2136 next.

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). We’d look for strong support from there to bring rebound. Nevertheless, sustained break of 1.2653 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.

USD/CAD’s down trend from 1.4667 resumed last week by break through 1.2363 support, and hit as low as 1.2265. As a temporary low was formed there, initial bias is neutral this week for some consolidations first. Upside of recovery should be limited well below 1.2653 resistance to bring down trend resumption. Break of 1.2265 will target 100% projection of 1.2880 to 1.2363 from 1.2653 at 1.2136 next.

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). We’d look for strong support from there to bring rebound. Nevertheless, sustained break of 1.2653 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.

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 stay. 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, sustained break of 1.2061 will be a sign of long term bearish. Deeper fall would be seen to 61.8% retracement at 1.1424 and below.

Daily Pivots: (S1) 1.2263; (P) 1.2293; (R1) 1.2311; More…

Intraday bias in USD/CAD stays on the downside at this point. Current down trend form 1.4667 should target 100% projection of 1.2880 to 1.2363 from 1.2653 at 1.2136 next. On the upside, above 1.2383 minor resistance will turn intraday bias neutral first. But recovery should be limited below 1.2653 resistance to bring fall resumption.

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, sustained break of 1.2653 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 1.2278; (P) 1.2348; (R1) 1.2385; More…

USD/CAD drops to as low as 1.2286 so far today. The break of 1.2363 support confirms resumption of whole down trend form 1.4668. Intraday bias stays on the downside for 100% projection of 1.2880 to 1.2363 from 1.2653 at 1.2136. On the upside, above 1.2417 minor resistance will turn intraday bias neutral first. But recovery should be limited below 1.2653 resistance to bring fall resumption.

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, sustained break of 1.2653 resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 1.2388; (P) 1.2403; (R1) 1.2418; More…

Further decline is expected in USD/CAD for 1.2363 low. Decisive break there will resume larger down trend from 1.4667. Next target will be 100% projection of 1.2880 to 1.2363 from 1.2653 at 1.2136. On the upside, though, break of 1.2470 minor resistance will delay the bearish case and extend the consolidation from 1.2363 with another rising leg.

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) 1.2353; (P) 1.2422; (R1) 1.2460; More…

Intraday bias in USD/CAD remains on the downside for retesting 1.2363 low. Decisive break there will resume larger down trend from 1.4667. Next target will be 100% projection of 1.2880 to 1.2363 from 1.2653 at 1.2136. On the upside, though, break of 1.2470 minor resistance will delay the bearish case and extend the consolidation from 1.2363 with another rising leg.

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) 1.2456; (P) 1.2482; (R1) 1.2504; More…

Intraday bias in USD/CAD remains mildly on the downside at this point. Deeper fall would be seen back to retest 1.2363 low. Break there will resume larger down trend from 1.4667. On the upside, above 1.2533 minor resistance will turn bias neutral again. But outlook will stay cautiously bearish as long as 1.2653 resistance holds.

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.

USD/CAD edged higher to 1.2653 last week but failed to sustain above 55 day EMA (now at 1.2596) again. Initial bias is mildly on the downside this week for retesting 1.2363 low. Break there will resume larger down trend from 1.4667. On the upside, above 1.2533 minor resistance will turn bias neutral again. But outlook will stay cautiously bearish as long as 1.2653 resistance holds.

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.

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 stay. 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.

Daily Pivots: (S1) 1.2472; (P) 1.2503; (R1) 1.2534; More…

Intraday bias in USD/CAD stays mildly on the downside for retesting 1.2363 low. Break there will resume the down trend from 1.4667. Nevertheless, firm break of 1.2653, with sustained trading above 55 day EMA, will indicate that it’s now in a larger scale rebound, towards 1.2742 resistance 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) 1.2420; (P) 1.2536; (R1) 1.2613; More…

USD/CAD reversed sharply after edging higher to 1.2653 yesterday. Strong resistance was seen again from 55 day EMA, keeping near term outlook bearish. With break of 1.2470 minor support, intraday bias is now back on the downside for retesting 1.2363 low. Break there will resume the down trend from 1.4667. Nevertheless, firm break of 1.2653, with sustained trading above 55 day EMA, will indicate that it’s now in a larger scale rebound, towards 1.2742 resistance 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) 1.2522; (P) 1.2572; (R1) 1.2666; More…

Intraday bias in USD/CAD is turned neutral with the current rebound, and focus is back on 1.2646 resistance. Sustained break there would also have 55 day EMA firmly taken out. That would indicate that USD/CAD is in a larger scale rebound. Intraday bias will be back on the upside for 100% projection of 1.2363 to 1.2646 from 1.2470 at 1.2753, and then 161.8% projection at 1.2928. Meanwhile, break of 1.2470 support will bring retest of 1.2363 low instead.

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) 1.2487; (P) 1.2515; (R1) 1.2560; More…

Intraday bias in USD/CAD is mildly on the downside, as fall from 1.2646 is gyrating down towards 1.2363 low. Break will resume larger down trend from 1.4667. Overall, outlook will stay bearish as long as 1.2742 resistance holds, even in case of another rebound.

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) 1.2481; (P) 1.2520; (R1) 1.2547; More…

Intraday in USD/CAD remains neutral at this point. Corrective rise from 1.2363 might have completed at 1.2646 already, after hitting 55 day EMA. Below 1.2475 will bring retest of 1.2363 low first. Break will resume larger down trend from 1.4667. Overall, outlook will stay bearish as long as 1.2742 resistance holds, even in case of another rebound.

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.

USD/CAD dipped to 1.2475 last week but recovered. Initial bias remains neutral this week first. Corrective rise from 1.2363 might have completed at 1.2646 already, after hitting 55 day EMA. Below 1.2475 will bring retest of 1.2363 low first. Break will resume larger down trend from 1.4667. Overall, outlook will stay bearish as long as 1.2742 resistance holds, even in case of another rebound.

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.

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 stay. 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.