Daily Pivots: (S1) 1.2979; (P) 1.3050; (R1) 1.3092; More…

USD/CAD drops sharply after hitting 1.3119 and intraday bias is turned neutral first. Still, we’re holding on to the view that correction from 1.3385 could have completed with three waves down to 1.2961. Thus, another rise is expected. On the upside, above 1.3119 will target 1.3289 resistance. Decisive break there will confirm an target 1.3385 and above. In case of another fall, we’d continue to expect strong support from rising channel line (now at 1.2932) to contain downside to bring rebound.

In the bigger picture, as long as channel support (now at 1.2932) 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 and will bring deeper fall to 1.2526 support to confirm.

Daily Pivots: (S1) 1.2985; (P) 1.3030; (R1) 1.3100; More…

USD/CAD’s break of 1.3039 minor resistance argues that correction from 1.3385 could have completed with three waves down to 1.2961. Intraday bias is turned back to the upside for 1.3289 resistance. Decisive break there will confirm an target 1.3385 and above. In case of another fall, we’d continue to expect strong support from rising channel line (now at 1.2924) to contain downside to bring rebound.

In the bigger picture, as long as channel support (now at 1.2924) 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 and will bring deeper fall to 1.2526 support to confirm.

Daily Pivots: (S1) 1.2980; (P) 1.3010; (R1) 1.3032; More…

Intraday bias in USD/CAD is turned neutral with diminishing downside momentum as seen in 4 hour MACD. Further decline cannot be ruled out yet. But fall from 1.3385 is seen as a correction. We’d expect strong support from rising channel line (now at 1.2917) to contain downside to bring rebound. On the upside, above 1.3039 minor resistance will turn bias to the upside for 1.3063 support turned resistance first.

In the bigger picture, as long as channel support (now at 1.2917) 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 and will bring deeper fall to 1.2526 support to confirm.

Daily Pivots: (S1) 1.2959; (P) 1.2999; (R1) 1.3031; More…

While downside momentum is diminishing as seen in 4 hour MACD, deeper fall cannot be ruled out yet. Still, we’d continue to expect strong support from rising channel line (now at 1.2912) to contain downside to finish the correction from 1.3385. On the upside, firm break of 1.3095 resistance will turn bias to the upside for 1.3289 resistance.

In the bigger picture, as long as channel support (now at 1.2912) 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 and will bring deeper fall to 1.2526 support to confirm.

USD/CAD dipped lower to 1.2967 last week as the correction from 1.3385 extends. Downside momentum has been diminishing clearly as seen in 4 hour MACD. While further decline cannot be ruled out, we’d continue to expect strong support from rising channel line (now at 1.2912) to contain downside and bring rebound. On the upside, firm break of 1.3095 resistance will turn bias to the upside for 1.3289 resistance.

In the bigger picture, as long as channel support (now at 1.2912) 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 and will bring deeper fall to 1.2526 support to confirm.

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.

Daily Pivots: (S1) 1.2999; (P) 1.3020; (R1) 1.3045; More…

No change in USD/CAD’s outlook. Corrective fall from 1.3385 could still extend through 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. But we’d expect strong support from channel line (now at 1.2933) to complete the correction from 1.3385 and bring rebound. On the upside, firm break of 1.3095 resistance will turn bias to the upside for 1.3289 resistance.

In the bigger picture, as long as channel support (now at 1.2933) 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 and will bring deeper fall to 1.2526 support to confirm.

Daily Pivots: (S1) 1.2970; (P) 1.3003; (R1) 1.3030; More…

USD/CAD continues to lose downside momentum as seen in 4 hour MACD. Further fall could still be seen to 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. But we’d expect strong support from channel line (now at 1.2912) to complete the correction from 1.3385 and bring rebound. On the upside, firm break of 1.3095 resistance will turn bias to the upside for 1.3289 resistance.

In the bigger picture, as long as channel support (now at 1.2912) 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 and will bring deeper fall to 1.2526 support to confirm.

Daily Pivots: (S1) 1.2993; (P) 1.3037; (R1) 1.3079; More…

Intraday bias in USD/CAD is back on the downside as the correction from 1.3385 extends. Deeper fall could be seen to 1.3385 to 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. But we’re still seeing the fall from 1.3385 as a correction. Hence, we’d expect strong support from channel line (now at 1.2907) to contain downside and bring rebound. On the upside, firm break of 1.3095 resistance will turn bias to the upside for 1.3289 resistance.

In the bigger picture, as long as channel support (now at 1.2907) 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 and will bring deeper fall to 1.2526 support to confirm.

Daily Pivots: (S1) 1.2993; (P) 1.3037; (R1) 1.3079; More…

USD/CAD recovered after hitting 1.2993 and breached 1.3092 minor resistance. But there is no follow through buying so far. Intraday bias is turned neutral first. On the downside, below 1.2993 will resume the fall from 1.3385 to 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. But we’re still seeing the fall from 1.3385 as a correction. Hence, we’d expect strong support from channel line (now at 1.2907) to contain downside and bring rebound. On the upside, firm break of 1.3092 will turn bias to the upside for 1.3289 resistance.

In the bigger picture, as long as channel support (now at 1.2907) 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 and will bring deeper fall to 1.2526 support to confirm.

Daily Pivots: (S1) 1.3041; (P) 1.3061; (R1) 1.3080; More…

USD/CAD’s decline resumed by taking out 1.3023 and reaches as low as 1.2994 so far. Intraday bias is back on the downside for 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. For now, we’re still seeing the fall from 1.3385 as a correction. Hence, we’d expect strong support from channel line (now at 1.2903) to contain downside and bring rebound. On the upside, break of 1.3092 minor resistance will turn bias to the upside for 1.3289 resistance. However, sustained break of the channel support will carry larger bearish implication and bring deeper fall to 1.2526.

In the bigger picture, as long as channel support (now at 1.2903) 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 and will bring deeper fall to 1.2526 support to confirm.

Daily Pivots: (S1) 1.3041; (P) 1.3061; (R1) 1.3080; More…

Intraday bias in USD/CAD stays neutral for consolidation above 1.3023 temporary low. With 1.3114 minor resistance intact, deeper decline is still expected. Break of 1.3023 will target 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. But, we’d expect strong support from rising channel line (now at 1.2902) to contain downside and bring rebound. On the upside, above 1.3114 is the first sign of bottoming and will turn bias back to the upside for 1.3289 resistance. Overall, the larger rally from 1.2061 is expected to resume later.

In the bigger picture, as long as channel support (now at 1.2902) 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 and will bring deeper fall to 1.2526 support to confirm.

USD/CAD’s corrective fall from 1.3385 resumed last week and hit as low as 1.3023 before forming a temporary low there. Initial bias is neutral this week first, for some sideway trading. With 1.3114 minor resistance intact, deeper decline is still expected. Break of 1.3023 will target 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. But still, we’d expect strong support from rising channel line (now at 1.2890) to contain downside and bring rebound. On the upside, above 1.3114 is the first sign of bottoming and will turn bias back to the upside for 1.3289 resistance. Overall, the larger rally from 1.2061 is expected to resume later.

In the bigger picture, as long as channel support (now at 1.12890) 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 and will bring deeper fall to 1.2526 support to confirm.

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.

Daily Pivots: (S1) 1.3037; (P) 1.3066; (R1) 1.3106; More…

With 1.3114 minor resistance intact, deeper fall is still expected. Corrective decline from 1.3385 would extend to 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. But still, we’d expect strong support from rising channel line (now at 1.2912) to contain downside and bring rebound. On the upside, above 1.3114  is the first sign of bottoming and will turn bias back to the upside for 1.3289 resistance. Overall, the larger rally from 1.2061 is still expected to resume later.

In the bigger picture, as long as channel support (now at 1.2912) 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 and will bring deeper fall to 1.2526 support to confirm.

Daily Pivots: (S1) 1.2992; (P) 1.3080; (R1) 1.3135; More…

USD/CAD drops to as low as 1.3023 so far as the corrective fall from 1.3385 resumes. Intraday bias is back on the downside for 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967 and possibly below. But still, we’d expect strong support from rising channel line (now at 1.2903) to contain downside and bring rebound. On the upside, above is the first sign of bottoming and will turn bias back to the upside for 1.3289 resistance. Overall, the larger rally from 1.2061 is still expected to resume later.

In the bigger picture, as long as channel support (now at 1.2903) 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 and will bring deeper fall to 1.2526 support to confirm.

Daily Pivots: (S1) 1.3131; (P) 1.3156; (R1) 1.3197; More…

Intraday bias in USD/CAD remains neutral first. The corrective fall from 1.3385 is still mildly in favor to continue lower. Below 1.3114 will target 1.3063 support and then 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967. But we’d expect strong support from rising channel line (now at 1.2897) to contain downside and bring rebound. Larger rally from 1.2061 is expected to resume later.

In the bigger picture, as long as channel support (now at 1.2897) 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 and will bring deeper fall to 1.2526 support to confirm.

Daily Pivots: (S1) 1.3131; (P) 1.3156; (R1) 1.3197; More…

With 4 hour MACD crossed above signal line, intraday bias in USD/CAD is turned neutral first. For now, the correction from 1.3385 is still in favor to continue. Below 1.3114 will target 1.3063 support and then 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967. But we’d expect strong support from rising channel line (now at 1.2893) to contain downside and bring rebound. Larger rally from 1.2061 is expected to resume later.

In the bigger picture, as long as channel support (now at 1.2893) 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 and will bring deeper fall to 1.2526 support to confirm.

Daily Pivots: (S1) 1.3075; (P) 1.3183; (R1) 1.3251; More…

Intraday bias in USD/CAD remains on the downside for 1.3063. Break will extend the corrective fall fro 1.3385 to 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967. But we’d expect strong support from rising channel line (now at 1.2878) to contain downside and bring rebound. Larger rally from 1.2061 is expected to resume later.

In the bigger picture, as long as channel support (now at 1.2878) 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 and will bring deeper fall to 1.2526 support to confirm.

USD/CAD gyrated higher to 1.3289 last week but fell sharply since then. The corrective structure of the rebound argues that decline from 1.3385 isn’t completed yet. Initial bias is mildly on the downside for 1.3063 support first. Break will target 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967. But we’d expect strong support from rising channel line (now at 1.2878) to contain downside and bring rebound.

In the bigger picture, as long as channel support (now at 1.2878) 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 and will bring deeper fall to 1.2526 support to confirm.

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). 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.

Daily Pivots: (S1) 1.3187; (P) 1.3240; (R1) 1.3320; More…

USD/CAD’s sharp decline suggests that a temporary top is at least formed at 1.3289. But it’s staying above 1.3063 so far and intraday bias is turned neutral first. On the downside, break of 1.3063 will extend the corrective decline from 1.3385 with another falling leg. USD/CAD should then target channel support (now at 1.2880). For now, we’d expect strong support from there to bring rebound. On the upside, above 1.3289 will bring retest of 1.3385 high instead.

In the bigger picture, as long as channel support (now at 1.2880) holds, we’ll 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 and will bring deeper fall to 1.2526 support to confirm.

Daily Pivots: (S1) 1.3187; (P) 1.3240; (R1) 1.3320; More…

Intraday bias in USD/CAD remains on the upside for 1.3385 resistance. Decisive break there would resume larger rally from 1.2061 to 1.3685 fibonacci level. In case of another fall, we’d still expect strong support from 1.3067 resistance turned support to contain downside.

In the bigger picture, as long as channel support (now at 1.2870) holds, we’ll 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 and will bring deeper fall to 1.2526 support to confirm.