Daily Pivots: (S1) 1.3662; (P) 1.3696; (R1) 1.3736; More…

Intraday bias in USD/CAD stays neutral with focus on 1.3660 support. Strong rebound from current level will retain near term bullishness. Break of 1.3748 minor resistance will turn intraday bias back to the upside for retesting 1.3845 resistance. However, sustained break of 1.3660 will bring deeper fall to 55 D EMA (now at 1.3592) instead.

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. Firm break of 1.3976 will confirm up resumption of whole up trend from 1.2005 (2021 low). Next target is 61.8% projection of 1.2401 to 1.3976 from 1.3176 at 1.4149.

Daily Pivots: (S1) 1.3496; (P) 1.3530; (R1) 1.3553; More….

Intraday bias in USD/CAD remains on the downside for the moment. Fall from 1.3860 is seen as the third leg of the corrective pattern from 1.3976. Deeper decline would be seen to 1.3224/61 support zone. But strong support should be seen around there to bring rebound. Still, break of 1.3650 support turned is needed to indicate completion of the decline first. Or further fall will remain in favor in case of recovery.

In the bigger picture, the up trend from 1.2005 (2021 low) is still in progress. Break of 1.3976 will confirm resumption and target 61.8% projection of 1.2401 to 1.3976 from 1.3261 at 1.4234. Firm break there will pave the way to long term resistance zone at 1.4667/89 (2016, 2020 highs). On the downside, sustained break of 55 week EMA (now at 1.3282) is needed to confirm medium term topping. Otherwise, outlook will remain bullish even in case of deep pull back.

Daily Pivots: (S1) 1.3660; (P) 1.3698; (R1) 1.3729; More…

USD/CAD continues to spiral higher but stays below 1.3784 resistance. Intraday bias remains neutral at this point. Consolidation from 1.3784 could extend further. On the downside, break of 1.3659 support will bring another falling leg to extend the near term corrective pattern from 1.3784. On the upside, decisive break of 1.3784 resistance will resume the rise from 1.3091 to retest 1.3976 high.

In the bigger picture, current development revives the case that corrective pattern from 1.3976 (2022 high) has completed with three waves down to 1.3091. Decisive break of 1.3976 high will confirm resumption of up trend from 1.2005 (2021 low). Next target will be 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. This will now remain the favored case as long as 1.3378 support holds.

Daily Pivots: (S1) 1.2548; (P) 1.2579; (R1) 1.2614; More….

Intraday bias in USD/CAD remains neutral at this point. Corrective recovery from 1.2363 might extend higher. But outlook will remain bearish as long as 1.2742 resistance holds. On the downside, break of 1.2363 will resume larger down trend to 100% projection of 1.3389 to 1.2588 from 1.2880 at 1.2079.

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) 1.3176; (P) 1.3202; (R1) 1.3249; More….

USD/CAD is still bounded in range trading above 1.3091 and intraday bias stays neutral first. Further decline is expected as long as 1.3386 resistance holds. Break of 1.3091 will resume larger fall and target 61.8% projection of 1.3653 to 1.3115 from 1.3386 at 1.3054. However, firm break of 1.3386 will indicate near term reversal and turn outlook bullish.

In the bigger picture, price actions from 1.3976 are viewed as a correction to up trend from 1.2005 (2021 low) only. But even so, deeper decline is expected as long as 1.3386 resistance holds. Further fall could be seen to 61.8% retracement of 1.2005 to 1.3976 at 1.2758. Meanwhile, break of 1.3386 will be a sign that the correction has completed and bring stronger rally back to retest 1.3976.

Daily Pivots: (S1) 1.3239; (P) 1.3319; (R1) 1.3360; More…

USD/CAD reaches as low as 1.3151 so far. Intraday bias remains on the downside and fall from 1.3564 should target 1.3052/68 cluster support next. On the upside, above 1.3257 minor resistance will turn intraday bias neutral for consolidations. But risk will remain on the downside as long as 1.3432 resistance holds, in case of strong recovery.

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.

Daily Pivots: (S1) 1.3411; (P) 1.3453; (R1) 1.3479; More…

USD/CAD is staying in consolidation from 1.3521 and intraday bias remains neutral first. In case of deeper retreat, downside should be contained above 1.3274 support to bring rally resumption. On the upside, firm break of 1.3521 will resume the whole rise from 1.3068 to retest 1.3664 high. However, decisive break of 1.3274 support will indicate completion of rise from 1.3068 and turn outlook bearish.

In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3278). Thus, the up trend from 1.2061 (2017 low) should be in progress. On the upside, decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will pave the way to 78.6% retracement at 1.4127 next. This will remain the favored case as long as 1.3068 support holds. However, sustained break the channel support will be the first sign of medium term reversal. Firm break of 1.3068 would confirm.

USD/CAD’s decline from 1.4667 extended further to 1.3191 last week. A temporary low was formed there and initial bias is turned neutral first. Some consolidations could be seen but upside should be limited by 1.3398 resistance to bring another decline. On the downside, break of 1.3191 will target long term fibonacci level at 1.3056. Nevertheless, firm break of 1.3398 should indicate short term bottoming and turn bias back to the upside for rebound.

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.

In the longer term picture, the bullish case of resuming the up trend from 0.9506 (2007 low) is delayed. Consolidation from 1.4689 is extending for another medium term fall. As long as 1.2061 support holds, such up trend should still resume through 1.4689 at a later stage.

Daily Pivots: (S1) 1.3162; (P) 1.3230; (R1) 1.3268; More…

UISD/CAD’s decline from 1.3327 accelerates to as low as 1.3180 so far. Break of 1.3190 support suggests that rise from 1.3042 has completed at 1.3327. Intraday bias is now on the downside for retesting 1.3042 support. On the upside, break of 1.3327 is needed to confirm resumption of the rise form 1.3042. Otherwise, risk will now stay mildly on the downside in case of recovery.

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.

Daily Pivots: (S1) 1.3337; (P) 1.3385; (R1) 1.3410; More…

USD/CAD’s fall resumed after brief recovery and intraday bias is turned back to the downside. Current development suggests that choppy rise from 1.3068 has completed at 1.3564, on bearish divergence condition in daily MACD. Sustained trading below 1.3357 support should confirm this bearish case and target 1.3274support next. More importantly, that could also have medium term channel support taken out, which carries larger bearish implications too. However, break of 1.3430 resistance will revive near term bullishness and turn bias back to retest 1.3564.

In the bigger picture, USD/CAD is staying well inside medium term rising channel (support at 1.3335). Thus, the up trend from 1.2061 (2017 low) could be in progress. On the upside, decisive break of 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 will pave the way to 78.6% retracement at 1.4127 next. This will remain the favored case as long as 1.3068 support holds. However, sustained break of the channel support will be the first sign of medium term reversal. Firm break of 1.3068 would confirm.

Daily Pivots: (S1) 1.3545; (P) 1.3592; (R1) 1.3623; More….

Outlook in USD/CAD remains unchanged and intraday bias stays neutral. Consolidation from 1.3693 would extend and deeper pull back might be seen. But further rally is expected as long as 1.3488 support holds. Above 1.3693 will resume the rally from 1.3091 to 1.3860 resistance, and then 1.3976 high.

In the bigger picture, price actions from 1.3976 are viewed as a corrective pattern only. Upon completion, rise from 1.2005 (2021 low) would resume through 1.3976. Next target is 61.8% projection of 1.2005 to 1.3976 from 1.3091 at 1.4309. For now, this will remain the favored case as long as 55 D EMA (now at 1.3456) holds.

USD/CAD stayed in range of 1.2968/3211 last week and outlook remains mixed. Initial bias stays neutral this week first. On the upside, break of 1.3211 resistance will argue that fall from 1.3598 has completed at 1.2968. And more importantly, rise from 1.2460 is still in progress. In that case, intraday bias will be turned back to the upside for 1.3598 and above. On the downside, below 1.2968 will revive the case that rise from 1.2460 is completed and turn outlook bearish for this low. Overall, choppy rise from 1.2460 is still seen as a corrective move.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. The second leg could be completed at 1.3598 and fall from there is tentatively seen as the third leg. Break of 1.2460 will target 50% retracement of 0.9460 to 1.4689 at 1.2075 before completing the correction. In case of another rise, we’d look for reversal signal above 61.8% retracement of 1.4689 to 1.2460 at 1.3838.

In the longer term picture, rise from 0.9056 (2007 low) is viewed as a long term up trend. It’s taking a breath after hitting 1.4689. But such rise expected to resume later to test 1.6196 down the road.

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Daily Pivots: (S1) 1.2559; (P) 1.2590; (R1) 1.2620; More….

With 1.2622 minor resistance intact, intraday bias in USD/CAD remains on the downside. Sustained trading below 61.8% retracement of 1.2246 to 1.3124 at 1.2581 will bring deeper fall to 1.2061/2246 support zone. On the upside, above 1.2622 will bring recovery. But upside should be limited below 1.2814 support turned resistance and bring another fall.

In the bigger picture, current development turns favors to the case that rise from 1.2061 is a corrective three wave pattern. It could have completed at 1.3124 after hitting 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Focus is now back on 1.2061 and 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. Decisive break there will resume larger down trend from 1.4689 (2016 high) to 61.8% retracement of 0.9406 to 1.4689 at 1.1424.

Daily Pivots: (S1) 1.3485; (P) 1.3558; (R1) 1.3596; More….

Intraday bias in USD/CAD stays neutral first. With 1.3504 minor support intact, rebound from 1.3315 is still in favor to extend higher. On the upside, break of 1.3686 temporary top will target 38.2% retracement of 1.4667 to 1.3315 at 1.3831. However, break of 1.3504 minor support will turn bias back to the downside for retesting 1.3315 low. Decisive break of 1.3315 will resume whole decline from 1.4667.

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 at 1.3056 and possibly below. This will now remain the favored case as long as 1.3855 support turned resistance holds. However, sustained break of 1.3855 will turn focus back to 1.4689 key resistance.

Daily Pivots: (S1) 1.3132; (P) 1.3179; (R1) 1.3266; More….

Intraday bias in USD/CAD remains neutral for consolidation above 1.3091. Outlook will remain bearish as long as 1.3386 resistance holds. Break of 1.3091 will resume larger decline to 61.8% projection of 1.3653 to 1.3115 from 1.3386 at 1.3054. However, firm break of 1.3386 will indicate near term reversal and turn outlook bullish.

In the bigger picture, price actions from 1.3976 are viewed as a correction to up trend from 1.2005 (2021 low) only. But even so, deeper decline is expected as long as 1.3386 resistance holds. Further fall could be seen to 61.8% retracement of 1.2005 to 1.3976 at 1.2758. Meanwhile, break of 1.3386 will be a sign that the correction has completed and bring stronger rally back to retest 1.3976.

Daily Pivots: (S1) 1.2422; (P) 1.2463; (R1) 1.2539; More…

USD/CAD’s break of 1.2497 resistance now suggests that fall from 1.2947 might have completed with three waves down to 1.2286. Intraday bias is back on the upside. Further rally will remain mildly in favor as long as 1.2386 support holds. Rise from 1.2286 would target 1.2894/2947 resistance zone.

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.

Daily Pivots: (S1) 1.3527; (P) 1.3551; (R1) 1.3577; More….

Intraday bias in USD/CAD stays on the upside despite loss of upside momentum. Current rally would target 1.3653 resistance first. Decisive break there will confirm that correction from 1.3976 has completed, a target a test on this high. On the downside, below 1.3495 minor support will turn intraday bias neutral and bring consolidations first, before staging another rise.

In the bigger picture, price actions from 1.3976 are viewed as a corrective fall only. Upon completion, rise from 1.2005 (2021 low) would resume through 1.3976. Next target is 61.8% projection of 1.2005 to 1.3976 from 1.3091 at 1.4309. In case of another fall, downside should be contained by 61.8% retracement of 1.2005 to 1.3976 at 1.2758.

Daily Pivots: (S1) 1.3775; (P) 1.3803; (R1) 1.3845; More…

USD/CAD is losing some upside momentum as seen in 4 hour MACD. But further rise is still expected with 1.3701 minor support intact. Current up trend should target 161.8% projection of 1.2005 to 1.2947 from 1.2401 at 1.3925. Decisive break there will target 200% projection at 1.4285. On the downside, below 1.3701 will turn bias to the downside for 1.3501 support instead.

In the bigger picture, up trend from 1.2005 (2021 low) is still in progress. Based on current impulsive momentum, it could be resuming long term up trend from 0.9056 (2007 low). Whether it is or it isn’t, retest of 1.4689 (2016 high) should be seen next. This will now remain the favored case as long as 1.3222 resistance turned support holds.

Daily Pivots: (S1) 1.3929; (P) 1.4103; (R1) 1.4194; More….

USD/CAD’s correction from 1.4667 is extending and deeper pull back could be seen. But 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.

Daily Pivots: (S1) 1.2956; (P) 1.3040; (R1) 1.3112; More…

USD/CAD’s decline and break of 1.3017 support invalidated our bullish view. Instead, the development revived the case that corrective rise from 1.2460 has completed at 1.3598 already, after hitting 50% retracement of 1.4689 to 1.3838. Whole correction from 1.4689 could be starting the third leg. Intraday bias is now back on the downside for a test on 1.2460 low. On the upside, though, break of 1.3168 minor resistance will mix up the outlook again and turn intraday bias neutral first.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. The second leg could be completed at 1.3598 and fall from there is tentatively seen as the third leg. Break of 1.2460 will target 50% retirement of 0.9460 to 1.4689 at 1.2075 before completing the correction. In case of another rise, we’d look for reversal signal above 61.8% retracement of 1.4689 to 1.2460 at 1.3838.

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