Daily Pivots: (S1) 1.3014; (P) 1.3094; (R1) 1.3147; More…

USD/CAD’s pull back from 1.3325 extended lower but over outlook is unchanged. Downside should be contained well above 1.2886 to bring rally resumption. We’re holding on to the view that corrective fall from 1.3385 has completed at 1.2886 already. Above 1.3225 will turn intraday bias back to the upside and bring retest of 1.3385 first.

In the bigger picture, strong rebound ahead of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level retains medium term bullishness. That is, 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. On the downside, as long as 1.2886 support holds, outlook will now remain bullish.

Daily Pivots: (S1) 1.3143; (P) 1.3170; (R1) 1.3190; More…

Intraday bias in USD/CAD remains neutral as consolidation from 1.3225 temporary top is extending. Deeper retreat could be seen but downside should be contained well above 1.2886 to bring rally resumption. We’re holding on to the view that corrective fall from 1.3385 has completed at 1.2886 already. Above 1.3225 will turn intraday bias back to the upside and bring retest of 1.3385 first.

In the bigger picture, strong rebound ahead of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level retains medium term bullishness. That is, 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. On the downside, as long as 1.2886 support holds, outlook will now remain bullish.

Daily Pivots: (S1) 1.3121; (P) 1.3156; (R1) 1.3201; More…

Intraday bias in USD/CAD remains neutral for consolidation from 1.3225 temporary top. We’re holding on tot he view that corrective fall from 1.3385 has completed at 1.2886 already. Above 1.3225 will bring retest of 1.3385 first. On the downside, in case of another retreat, downside should be contained well above 1.2886 to bring rally resumption.

In the bigger picture, strong rebound ahead of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level retains medium term bullishness. That is, 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. On the downside, as long as 1.2886 support holds, outlook will now remain bullish.

USD/CAD’s strong rebound last week argues that corrective fall from 1.3385 has completed at 1.2886 already. And, 1.2879 fibonacci level was defended. the development also revived the bullish case that rise from 1.2061 isn’t completed. With a temporary top formed at 1.3225, initial bias is neutral this week first. Downside of retreat should be contained well above 1.2886 to bring rally resumption. On the upside, above 1.3225 will target a test on 1.3385 high.

In the bigger picture, strong rebound ahead of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level retains medium term bullishness. That is, 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. On the downside, as long as 1.2886 support holds, outlook will now remain bullish.

In the longer term picture, corrective fall from 1.4689 (2015 high) should have completed with three waves down to 1.2061, just ahead of 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. The development keeps long term up trend from 0.9406 and that from 0.9056 (2007 low) intact. For now, there is prospect of extending the long term up trend to 61.8% projection of 0.9406 to 1.4689 from 1.2061 at 1.5326 in medium to long term.

Daily Pivots: (S1) 1.3104; (P) 1.3166; (R1) 1.3203; More…

USD/CAD recovers ahead of 4 hour 55 EMA but it’s kept well below 1.3225 temporary top. Intraday bias stays neutral for consolidation. At this point, we’re holding on to the view that correction from 1.3385 has completed at 1.2886. Downside of retreat should be contained well above 1.2886 to bring another rally. On the upside, break of 1.3225 will target a test on 1.3385 high.

In the bigger picture, strong rebound ahead of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level retains medium term bullishness. That is, 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. On the downside, as long as 1.2886 support holds, outlook will now remain bullish.

Daily Pivots: (S1) 1.3104; (P) 1.3166; (R1) 1.3203; More…

USD/CAD’s break of 1.3134 minor support suggests temporary topping at 1.3325. Intraday bias is turned neutral for some consolidation. We’re holding on to the view that correction from 1.3385 has completed at 1.2886. Downside of retreat should be contained well above 1.2886 to bring another rally. On the upside, break of 1.3225 will target a test on 1.3385 high.

In the bigger picture, strong rebound ahead of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level retains medium term bullishness. That is, 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. On the downside, as long as 1.2886 support holds, outlook will now remain bullish.

Daily Pivots: (S1) 1.3157; (P) 1.3182; (R1) 1.3206; More…

USD/CAD is losing some upside momentum as seen in 4 hour MACD. But with 1.3134 minor support intact, intraday bias stays on the upside for further rise. As noted before, the corrective pull back from 1.3385 should have completed at 1.2886 already, just ahead of 1.2879 key fibonacci level. Further rise should be seen to retest 1.3385 first. Break will resume the whole up trend form 1.2061 and target next key resistance level at 1.3685. On the downside, below 1.3134 minor support will bring more consolidation first, before staging another rally.

In the bigger picture, strong rebound ahead of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level retains medium term bullishness. That is, 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. On the downside, as long as 1.2886 support holds, outlook will now remain bullish.

Daily Pivots: (S1) 1.3116; (P) 1.3163; (R1) 1.3235; More…

Intraday bias in USD/CAD remains on the upside at this point. Corrective pull back from 1.3385 should have completed at 1.2886 already, just ahead of 1.2879 key fibonacci level. Further rise should be seen to retest 1.3385 first. Break will resume the whole up trend form 1.2061 and target next key resistance level at 1.3685. On the downside, below 1.3134 minor support will turn intraday bias neutral and bring consolidation first, before staging another rally.

In the bigger picture, strong rebound ahead of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level retains medium term bullishness. That is, 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. On the downside, as long as 1.2886 support holds, outlook will now remain bullish.

Daily Pivots: (S1) 1.3061; (P) 1.3082; (R1) 1.3119; More…

USD/CAD surges to as high as 1.3193 today. The break of 1.3173 resistance confirm that corrective pull back from 1.3385 has completed at 1.2886, just ahead of 1.2879 key fibonacci level . Intraday bias stays on the upside for 1.3385 first. Break will resume the whole up trend form 1.2061 and target next key resistance level at 1.3685. On the downside, below 1.3092 minor support will turn intraday bias neutral and bring consolidation first, before staging another rally.

In the bigger picture, strong rebound ahead of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level retains medium term bullishness. That is, 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. On the downside, as long as 1.2886 support holds, outlook will now remain bullish.

Daily Pivots: (S1) 1.3061; (P) 1.3082; (R1) 1.3119; More…

USD/CAD’s rebound from 1.2886 extends further to as high as 1.3116 so far and broke near term channel resistance. Intraday bias remains mildly on the upside for 1.3173 resistance. Sustained trading above the channel is the first sign of bullish reversal and break of 1.3173 should confirm. In that case, further rally should be seen back to retest 1.3385 high. On the downside, however, below 1.3019 minor support will turn bias back to the downside for 1.2879 key fibonacci level again.

In the bigger picture, focus is now on 38.2% retracement of 1.2061 to 1.3385 at 1.2879. Decisive break there will affirm the case of medium term reversal and target 61.8% retracement at 1.2567 and below. That will also put key long term support at 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048 into focus. On the upside, break of 1.3173 resistance will revive the bullish case and target 61.8% retracement of 1.4689 to 1.2061 at 1.3685 and above.

Daily Pivots: (S1) 1.2979; (P) 1.3034; (R1) 1.3097; More…

Intraday bias in USD/CAD remains mildly on the upside for the moment. Sustained break of near term channel resistance (now at 1.3096) will be the first sign of bullish reversal and bring stronger rise to 1.3173 resistance for confirmation. That will also carry larger bullish implication. Meanwhile, below 1.2997 minor support will turn bias back to the downside for 1.2879 fibonacci level.

In the bigger picture, focus is now on 38.2% retracement of 1.2061 to 1.3385 at 1.2879. Decisive break there will affirm the case of medium term reversal and target 61.8% retracement at 1.2567 and below. That will also put key long term support at 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048 into focus. On the upside, break of 1.3173 resistance will revive the bullish case and target 61.8% retracement of 1.4689 to 1.2061 at 1.3685 and above.

USD/CAD’s choppy fall from 1.3385 extended lower to 1.2886 last week. But it quickly recovered ahead of 1.2879 fibonacci level. Near term outlook is mixed up. Initial bias is mildly on the upside this week as long as 1.2997 minor support holds. Sustained of near term channel resistance (now at 1.3111) will will be the first sign of bullish reversal and bring stronger rise to 1.3173 resistance for confirmation. That will also carry larger bullish implication. Meanwhile, below 1.2997 minor support will turn bias back to the downside for 1.2879 fibonacci level.

In the bigger picture, focus is now on 38.2% retracement of 1.2061 to 1.3385 at 1.2879. Decisive break there will affirm the case of medium term reversal and target 61.8% retracement at 1.2567 and below. That will also put key long term support at 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048 into focus. On the upside, break of 1.3173 resistance will revive the bullish case and target 61.8% retracement of 1.4689 to 1.2061 at 1.3685 and above.

In the longer term picture, corrective fall from 1.4689 (2015 high) should have completed with three waves down to 1.2061, just ahead of 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. The development keeps long term up trend from 0.9406 and that from 0.9056 (2007 low) intact. For now, there is now prospect of extending the long term up trend to 61.8% projection of 0.9406 to 1.4689 from 1.2061 at 1.5326 in medium to long term.

Daily Pivots: (S1) 1.2922; (P) 1.2961; (R1) 1.3021; More…

USD/CAD’s rebound from 1.2886 short term bottom accelerates to as high as 1.3062 so far in early US session. Intraday bias remains on the upside for short term channel resistance (now at 1.3116). Note again that the pair is staying in near term falling channel, and thus, there is no indication of bullish reversal yet. On the downside, below 1.2997 minor support will turn bias back to the downside for 1.2879 fibonacci level. However, sustained break the of the channel resistance will be the first sign of bullish reversal and bring stronger rise to 1.3173 resistance for confirmation.

In the bigger picture, the break of channel support (now at 1.2988), argues that rise from 1.2246, as well as that from 1.2061, has completed at 1.3385. Focus is back on 38.2% retracement of 1.2061 to 1.3385 at 1.2879. Decisive break there will affirm the case of medium term reversal and target 61.8% retracement at 1.2567 and below. That will also put key long term support at 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048 into focus. On the upside, break of 1.3173 resistance will revive the bullish case and target 61.8% retracement of 1.4689 to 1.2061 at 1.3685 and above.

Daily Pivots: (S1) 1.2922; (P) 1.2961; (R1) 1.3021; More…

A short term bottom was formed at 1.2886, ahead head of 1.2879 fibonacci level. Intraday bias is mildly on the upside for recovery, towards near term channel resistance (now at 1.3113). However, break of 1.3173 resistance is needed to confirm completion of the choppy fall from 1.3385. Otherwise, out will remain cautiously bearish for another fall. On the downside, below 1.2959 minor support will turn focus back to 1.2879 key fibonacci level again.

In the bigger picture, the break of channel support (now at 1.2988), argues that rise from 1.2246, as well as that from 1.2061, has completed at 1.3385. Focus is back on 38.2% retracement of 1.2061 to 1.3385 at 1.2879. Decisive break there will affirm the case of medium term reversal and target 61.8% retracement at 1.2567 and below. That will also put key long term support at 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048 into focus. On the upside, break of 1.3173 resistance will revive the bullish case and target 61.8% retracement of 1.4689 to 1.2061 at 1.3685 and above.

Daily Pivots: (S1) 1.2887; (P) 1.2924; (R1) 1.2947; More…

USD/CAD’s break of 1.2981 minor resistance suggests that a short term bottom could be formed at 1.2886, just ahead of 1.2879 fibonacci level. Intraday bias is now mildly on the upside for recovery towards near term channel resistance (now at 1.3118). But break of 1.3173 resistance is needed to confirm completion of the choppy fall from 1.3385. Otherwise, out will remain cautiously bearish for another fall.

In the bigger picture, the break of channel support (now at 1.2988), argues that rise from 1.2246, as well as that from 1.2061, has completed at 1.3385. Focus is back on 38.2% retracement of 1.2061 to 1.3385 at 1.2879. Decisive break there will affirm the case of medium term reversal and target 61.8% retracement at 1.2567 and below. That will also put key long term support at 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048 into focus. On the upside, break of 1.3173 resistance will revive the bullish case and target 61.8% retracement of 1.4689 to 1.2061 at 1.3685 and above.

Daily Pivots: (S1) 1.2887; (P) 1.2924; (R1) 1.2947; More…

USD/CAD loses some downside momentum ahead of 1.2879 fibonacci level. But with 1.2981 minor resistance intact, intraday bias stays on the downside for further decline. Sustained break of 1.2879 fibonacci level will add to the case of medium term reversal and target next fibonacci level at 1.2567. On the upside, above 1.2981 will bring stronger recovery. But overall near term outlook will stay cautiously bearish as long as 1.3173 resistance holds.

In the bigger picture, the break of channel support (now at 1.2988), argues that rise from 1.2246, as well as that from 1.2061, has completed at 1.3385. Focus is back on 38.2% retracement of 1.2061 to 1.3385 at 1.2879. Decisive break there will affirm the case of medium term reversal and target 61.8% retracement at 1.2567 and below. That will also put key long term support at 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048 into focus. On the upside, break of 1.3173 resistance will revive the bullish case and target 61.8% retracement of 1.4689 to 1.2061 at 1.3685 and above.

Daily Pivots: (S1) 1.2884; (P) 1.2934; (R1) 1.2979; More…

USD/CAD reaches as low as 1.2886 so far and intraday bias stays on the downside. Sustained break of 1.2879 fibonacci level will add to the case of medium term reversal and target next fibonacci level at 1.2567. On the upside, above 1.2981 minor resistance will turn intraday bias neutral first. But for now, near term outlook will stay cautiously bearish as long as 1.3173 resistance holds.

In the bigger picture, the break of channel support (now at 1.2988), argues that rise from 1.2246, as well as that from 1.2061, has completed at 1.3385. Focus is back on 38.2% retracement of 1.2061 to 1.3385 at 1.2879. Decisive break there will affirm the case of medium term reversal and target 61.8% retracement at 1.2567 and below. That will also put key long term support at 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048 into focus. On the upside, break of 1.3173 resistance will revive the bullish case and target 61.8% retracement of 1.4689 to 1.2061 at 1.3685 and above.

Daily Pivots: (S1) 1.2924; (P) 1.2996; (R1) 1.3039; More…

USD/CAD’s fall from 1.3385 resumed by taking out 1.2961 support. More importantly, the break of medium term channel support how carries some bearish implication. Intraday bias is back on the downside for 1.2879 fibonacci level first. Sustained break there will add to the case of medium term reversal and target next fibonacci level at 1.2567. On the upside, break of 1.3102 resistance is needed to indicate short term bottoming. Otherwise, outlook will now stay bearish in case of recovery.

In the bigger picture, the break of channel support (now at 1.2988), argues that rise from 1.2246, as well as that from 1.2061, has completed at 1.3385. Focus is back on 38.2% retracement of 1.2061 to 1.3385 at 1.2879. Decisive break there will affirm the case of medium term reversal and target 61.8% retracement at 1.2567 and below. That will also put key long term support at 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048 into focus. On the upside, break of 1.3385 will revive the bullish case and target 61.8% retracement of 1.4689 to 1.2061 at 1.3685 and above.

Daily Pivots: (S1) 1.2992; (P) 1.3048; (R1) 1.3085; More…

Intraday bias in USD/CAD remains neutral at this point. As long as medium term channel support holds (now at 1.2986), we’d expect further rise ahead in the pair. On the upside, above 1.3173 will indicate completion of correction from 1.3385. In such case, intraday bias will be turned back tot he upside for 1.3289 resistance first. However, sustained trading below the channel, and break of 1.2961 support, will carry larger bearish implication and turn outlook bearish.

In the bigger picture, as long as channel support (now at 1.2986) holds, we’re holding to the bullish view. 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. However, sustained break of the channel support will argue that rise from 1.2061 has completed. Further decline should be seen to 38.2% retracement of 1.2061 to 1.3385 at 1.2879 first. Sustained break will pave the way to 61.8% retracement at 1.2567 and below.

Some volatility was seen in USD/CAD last week but there was no decisive movement. Initial bias is neutral this week first. As long as medium term channel support holds (now at 1.2986), we’d expect further rise ahead in the pair. On the upside, above 1.3173 will indicate completion of correction from 1.3385. In such case, intraday bias will be turned back tot he upside for 1.3289 resistance first. However, sustained trading below the channel, and break of 1.2961 support, will carry larger bearish implication and turn outlook bearish.

In the bigger picture, as long as channel support (now at 1.2982) holds, we’re holding to the bullish view. 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. However, sustained break of the channel support will argue that rise from 1.2061 has completed. Further decline should be seen to 38.2% retracement of 1.2061 to 1.3385 at 1.2879 first. Sustained break will pave the way to 61.8% retracement at 1.2567 and below.

In the longer term picture, corrective fall from 1.4689 (2015 high) should have completed with three waves down to 1.2061, just ahead of 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. The development keeps long term up trend from 0.9406 and that from 0.9056 (2007 low) intact. It’s early to tell, but there is now prospect of extending the long term up trend to 61.8% projection of 0.9406 to 1.4689 from 1.2061 at 1.5326 in medium to long term.