Daily Pivots: (S1) 1.2797; (P) 1.2864; (R1) 1.2943; More….

As noted before, the pull back from 1.2996 has completed at 1.2728 already. Intraday bias remains mildly on the upside for 1.2996 resistance first. Break there will affirm our bullish view that rebound from 1.2061 low is still in progress. And in that case, further rise should be seen to retest 1.3124 key resistance. We’ll hold on to this bullish view as long as 1.2728 support holds.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685. However, break of 1.2526 support will dampen this bullish view again. And, focus will be back on 1.2061 key support level, which is close to 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048

Daily Pivots: (S1) 1.2762; (P) 1.2793; (R1) 1.2843; More….

USD/CAD’s strong rebound and break of 1.2859 minor resistance argues that pull back from 1.2996 has completed at 1.2728 already. Intraday bias is back on the upside for 1.2996 first. Break will affirm our bullish view that rebound from 1.2061 hasn’t completed. Retest of 1.3124 key resistance should be seen next. This bullish case will remain in favor as long as 1.2728 support holds.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685. However, break of 1.2526 support will dampen this bullish view again. And, focus will be back on 1.2061 key support level, which is close to 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048

Daily Pivots: (S1) 1.2762; (P) 1.2793; (R1) 1.2843; More….

USD/CAD recovered after dipping to 1.2728 and intraday bias is turned neutral first. At this point, we continue to favor the bullish case that rebound from 1.2061 hasn’t completed. Therefore, in case of another fall, downside should be contained well above 1.2526 support and bring rebound. On the upside, above 1.2859 will bring retest of 1.2996 first. However, firm break of 1.2526 will resume the fall from 1.3124 to 1.2246 support and likely below.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685. However, break of 1.2526 support will dampen this bullish view again. And, focus will be back on 1.2061 key support level, which is close to 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048

Daily Pivots: (S1) 1.2744; (P) 1.2772; (R1) 1.2818; More….

Intraday bias in USD/CAD remains mildly on the downside as pull back from 1.2996 could extend lower. Nonetheless, we continue to favor the bullish case that rebound from 1.2061 hasn’t completed. Therefore, downside should be contained well above 1.2526 support and bring rebound. On the upside, above 1.2859 will bring retest of 1.2996 first. However, firm break of 1.2526 will resume the fall from 1.3124 to 1.2246 support and likely below.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685. However, break of 1.2526 support will dampen this bullish view again. And, focus will be back on 1.2061 key support level, which is close to 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048

USD/CAD edged higher to 1.2996 last week but formed a short term top there and retreated sharply. Further decline is mildly in favor in initially this week. But after all, we’re favoring the bullish case that rebound from 1.2061 hasn’t completed. Therefore, downside should be contained well above 1.2526 support and bring rebound. On the upside, above 1.2859 will bring retest of 1.2996 first. However, firm break of 1.2526 will resume the fall from 1.3124 to 1.2246 support and likely below.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685. However, break of 1.2526 support will dampen this bullish view again. And, focus will be back on 1.2061 key support level, which is close to 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048

In the longer term picture, 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048 remains a key support level to watch. As long as this level holds, we’ll treat fall from 1.4689 as a correction and expect another rally through this level. However, sustained break of 1.2048 will turn favors to the case that rise from 0.9056 (2007 low) is a three wave corrective move that’s completed at 1.4689. And retest of 0.9056/9406 support zone could be seen in medium to long term.

Daily Pivots: (S1) 1.2794; (P) 1.2885; (R1) 1.2944; More….

Intraday bias in USD/CAD remains on the downside for deeper decline. As long as 1.2526 support holds, we’d still favor the bullish case that rebound from 1.2061 hasn’t completed. Above 1.2859 minor resistance will turn bias back to the upside for 1.2996 first. However, firm break of 1.2526 will resume the fall from 1.3124 to 1.2246 support and likely below.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685. However, break of 1.2526 support will dampen this bullish view again. And, focus will be back on 1.2061 key support level, which is close to 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048

Daily Pivots: (S1) 1.2794; (P) 1.2885; (R1) 1.2944; More….

USD/CAD’s sharp fall and break of 1.2802 indicates that rise from 1.2526 has completed at 1.2996 on bearish divergence condition in 4 hour MACD. Intraday bias is turned back to the downside for deeper retreat first. As long as 1.2526 support holds, we’d still favor the bullish case that rebound from 1.2061 hasn’t completed. Above 1.2859 minor resistance will turn bias back to the upside for 1.2996 first. However, firm break of 1.2526 will resume the fall from 1.3124 to 1.2246 support and likely below.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685. However, break of 1.2526 support will dampen this bullish view again. And, focus will be back on 1.2061 key support level, which is close to 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048

Daily Pivots: (S1) 1.2794; (P) 1.2885; (R1) 1.2944; More….

Intraday bias in USD/CAD remains neutral at this point. As long as 1.2802 minor support holds, further rise is expected. Above 1.2996 will target 1.3124 resistance next. Decisive break there will extend larger rebound from 1.2061. However, break of 1.2802 will at least delay the bullish case, and turn bias back to the downside for 55 day EMA (now at 1.2780) and below.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

Daily Pivots: (S1) 1.2847; (P) 1.2872; (R1) 1.2907; More….

USD/CAD’s sharp decline suggests temporary topping at 1.2996. Intraday bias is turned neutral for consolidation. For now, further rise is expected as long as 1.2802 minor support holds. Above 1.2996 will target 1.3124 resistance next. Decisive break there will extend larger rebound to 100% projection of 1.2246 to 1.3124 from 1.2526 at 1.3404. However, break of 1.2802 will at least delay the bullish case, and turn bias back to the downside for 55 day EMA (now at 1.2779) and below.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

Daily Pivots: (S1) 1.2847; (P) 1.2872; (R1) 1.2907; More….

Intraday bias in USD/CAD remains on the upside as rise from 1.2526 is in progress for retesting 1.3124 key resistance. Decisive break there will extend later rebound to 100% projection of 1.2246 to 1.3124 from 1.2526 at 1.3404 next. On the downside, break of 1.2802 support is now needed to indicate near term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

Daily Pivots: (S1) 1.2847; (P) 1.2872; (R1) 1.2907; More….

USD/CAD’s rise from 1.2526 resumed by breaking 1.2913 and reached as high as 1.2984 so far. Intraday bias is back on the upside for retesting 1.3124 resistance next. On the downside, break of 1.2802 support is now needed to indicate near term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

Daily Pivots: (S1) 1.2847; (P) 1.2872; (R1) 1.2907; More….

USD/CAD is still bounded in range below 1.2913 temporary top and intraday bias stays neutral. As long as 1.2748 minor support holds, further rise is expected. Break of 1.2913 will target a test on 1.3124 high next. Though, break of 1.2748 will turn focus back to 1.2526 support instead.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

Daily Pivots: (S1) 1.2814; (P) 1.2865; (R1) 1.2896; More….

Intraday bias in USD/CAD remains neutral for consolidation below 1.2913 temporary top. As long as 1.2748 minor support holds, further rise is expected. Break of 1.2913 will target a test on 1.3124 high next. Though, break of 1.2748 will turn focus back to 1.2526 support instead.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

USD/CAD edged higher to 1.2913 last week but failed to extend the rally from 1.2526 since then. Initial bias remains neutral this week for some consolidations. As long as 1.2748 minor support holds, further rise is expected. Break of 1.2913 will target a test on 1.3124 high next. Though, break of 1.2748 will turn focus back to 1.2526 support instead.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

In the longer term picture, 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048 remains a key support level to watch. As long as this level holds, we’ll treat fall from 1.4689 as a correction and expect another rally through this level. However, sustained break of 1.2048 will turn favors to the case that rise from 0.9056 (2007 low) is a three wave corrective move that’s completed at 1.4689. And retest of 0.9056/9406 support zone could be seen in medium to long term.

Daily Pivots: (S1) 1.2827; (P) 1.2857; (R1) 1.2912; More….

USD/CAD is still bounded in range below 1.2913 temporary top and intraday bias remains neutral. More consolidation could be seen. But another rise is expected with 1.2748 minor support intact. On the upside, break of 1.2913 will resume the rise from 1.2526 and target 1.3124 high. However, break of 1.2748 will turn focus back to 1.2526 support instead.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

Daily Pivots: (S1) 1.2827; (P) 1.2857; (R1) 1.2912; More….

Intraday bias in USD/CAD remains neutral for consolidation below 1.2913 temporary top. As long as 1.2748 minor support holds, further rally is expected. Break of 1.2913 will turn bias back to the upside for 1.3124 high. However, break of 1.2748 will turn focus back to 1.2526 support instead.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

Daily Pivots: (S1) 1.2808; (P) 1.2860; (R1) 1.2902; More….

Despite edging higher to 1.2913, USD/CAD quickly retreated with 4 hour MACD staying below signal line. Intraday bias is turned neutral again for consolidations. For now, further rally is expected as long as 1.2748 minor support holds. Above 1.2913 will extend the rise from 1.2526 to retest 1.3124 high. However, break of 1.2748 will turn focus back to 1.2526 instead.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

Daily Pivots: (S1) 1.2805; (P) 1.2839; (R1) 1.2875; More….

USD/CAD’s rally from 1.2526 resumes by taking out 1.2899 and hits as high as 1.2910 so far. Intraday bias is back on the upside for 1.3124 resistance. On the downside, below 1.2804 minor support will turn intraday bias neutral again and bring another consolidation.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

Daily Pivots: (S1) 1.2805; (P) 1.2839; (R1) 1.2875; More….

USD/CAD is staying in consolidation below 1.2899 temporary low and intraday bias remains neutral. Deeper retreat could be seen but downside should be by 1.2748 minor support to bring another rise. Above 1.2899 will target 1.3124 resistance next. On the downside, however, firm break of 1.2748 will turn focus back to 1.2526 support instead.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.

Daily Pivots: (S1) 1.2800; (P) 1.2849; (R1) 1.2875; More….

Intraday bias in USD/CAD remains neutral for consolidation below 1.2899 temporary top. Downside of retreat should be contained by 1.2748 minor support to bring another rise. Above 1.2899 will target 1.3124 resistance next. On the downside, however, firm break of 1.2748 will turn focus back to 1.2526 support instead.

In the bigger picture, current development suggests that rebound from 1.2061 has not completed yet. Focus is back on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Sustained trading above there will confirm medium term bullish reversal. That is, down trend from 1.4689 has completed at 1.2061 already. In that case, next target will be 61.8% retracement at 1.3685.