Daily Pivots: (S1) 1.3430; (P) 1.3442; (R1) 1.3455; More…

Intraday bias in USD/CAD remains neutral and consolidation from 1.3521 might extend further. In case of deeper pull back, 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 1.3296). 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.

Daily Pivots: (S1) 1.3432; (P) 1.3476; (R1) 1.3543; More….

USD/CAD’s rally extends after brief retreat and drew support from 4 hour 55 EMA. The break of 1.3543 resistance confirms resumption of rise from 1.2968. Intraday bias stays on the upside for 1.3598. Firm break there will resume whole rally from 1.2460 to next medium term fibonacci level at 1.3838. On the downside, break of 1.3410 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

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 from 1.2460 is likely still in progress and could target 61.8% retracement of 1.4689 to 1.2460 at 1.3838. We’d look for reversal signal there to start the third leg. However, break of 1.2968 will argue that the third leg has already started and should at least bring a retest of 1.2460 low. Meanwhile, sustained trading above 1.3838 would pave the way to retest 1.4689 high.

Daily Pivots: (S1) 1.3694; (P) 1.3722; (R1) 1.3754; More…

Range trading continues in USD/CAD and intraday bias stays neutral. While another fall cannot be ruled out, downside should be contained by 38.2% retracement of 1.3091 to 1.3897 at 1.3589 to bring rebound. Break of 1.3897 is expected at a later stage to resume larger rally.

In the bigger picture, corrective pattern from 1.3976 (2022 high) should have 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 is 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. This will remain the favored case as long as 1.3378 support holds.

Daily Pivots: (S1) 1.3355; (P) 1.3476; (R1) 1.3537; More….

Intraday bias in USD/CAD remains neutral for the moment. On the upside, break of 1.3644 resistance will affirm the case that correction from 1.3976 has completed at 1.3224. However, break of 1.3315 will resume the fall from 1.3976 through 1.3222 cluster support, which carries larger bearish implications.

In the bigger picture, as long as 1.3222 cluster support (38.2% retracement of 1.2005 to 1.3976 at 1.3223) holds, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 high at a later stage. However, firm break of 1.3222/3 will indicate that the trend might have reversed. Deeper fall would be seen to next cluster support at 1.2726 (61.8% retracement at 1.2758).

USD/CAD’s fall from 1.3793 extended to as low as 1.3507 last week and broke 1.3534 resistance turned support. The development confirmed completion of rise from 1.2968. Initial bias remains on the downside for 1.3222 support next. Also, the corrective rally from 1.2460 could have finished too, ahead of 1.3838 fibonacci level. Break of 1.3222 will affirm this case and target 1.2968 key support level for confirmation. On the upside, break of 1.3668 minor resistance is needed to indicate completion of the fall from 1.3793. Otherwise, outlook will remain cautiously bearish in case of recovery.

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. Rise from 1.2460 is seen as the second leg and would end at around 61.8% retracement of 1.4689 to 1.2460 at 1.3838. Break of 1.3222 should indicate the start of the third leg while further break of 1.2968 should confirm. Nonetheless, sustained trading above 1.3838 would pave the way to retest 1.4689 high.

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.

Daily Pivots: (S1) 1.3686; (P) 1.3714; (R1) 1.3747; More….

Intraday bias in USD/CAD stays on the upside for retesting 1.3784 first. Break there will resume larger rise from 1.3091 to retest 1.3976 high. On the downside, however, break of 1.3615 support will bring another falling leg to extend the near term corrective pattern from 1.3784.

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) 1.3660; (P) 1.3712; (R1) 1.3740; More…

No change in USD/CAD’s outlook as sideway trading continues below 1.3897. While another fall cannot be ruled out, downside should be contained by 38.2% retracement of 1.3091 to 1.3897 at 1.3589 to bring rebound. Break of 1.3897 is expected at a later stage to resume larger rally.

In the bigger picture, corrective pattern from 1.3976 (2022 high) should have 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 is 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. This will remain the favored case as long as 1.3378 support holds.

USD/CAD rose to 1.2908 last week but failed to break through 1.2916 resistance and dropped sharply to close. Initial bias stays neutral this week first. As long as 1.2598 resistance turned support holds, we’ll treat price actions from 1.2916 as consolidation. And, rebound from 1.2061 would resume later. Break of 1.2916 will target 1.3065 medium term fibonacci level next. However, sustained break of 1.2598 will argue that rebound from 1.2061 has completed after hitting 55 week EMA (now at 1.2888). Near term outlook will be turned bearish in this case.

In the bigger picture, USD/CAD should have defended 50% retracement of 0.9406 (2011 low) to 1.4689 (2016 high) at 1.2048. And with 1.2048 intact, we’d favor the case that fall from 1.4689 is a correction. Rise from 1.2061 medium term bottom should now target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Firm break there will target 1.3793 key resistance next (61.8% retracement at 1.3685). We’ll now hold on to this bullish view as long as 1.2450 support holds.

In the longer term picture, current development argues that correction from 1.4689 has completed with three waves down to 1.2061 already. And larger up trend from 0.9056 (2007 low) is still in progress. Firm break of 1.3794 resistance should now indicate up trend resumption through 1.4689 high.

Daily Pivots: (S1) 1.3053; (P) 1.3177; (R1) 1.3257; More….

Intraday bias in USD/CAD remains neutral at this point. On the downside, break of 1.3081 support will target a test on 1.2994 low. Break there will resume larger down trend form 1.4667. On the upside, break of 1.3389 will likely resume the corrective pattern from 1.2994 with another rise through 1.3418 resistance.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Sustained break of 61.8% retracement of 1.2061 to 1.4667 at 1.3056 will target a test on 1.2061 (2017 low). But we’d expect loss of downside momentum as it approaches this key support. On the upside, firm break of 1.3715 resistance will argue that this falling leg has completed and turn focus back to 1.4667/89 resistance zone.

Daily Pivots: (S1) 1.3314; (P) 1.3331; (R1) 1.3352; More…

Intraday bias in USD/CAD remains on the upside for 1.3382 resistance. Break will resume whole rise from 1.3016 and target 1.3564 resistance next. For now, near term outlook will stay cautiously bullish as long as 1.3206 support holds, in case of retreat.

In the bigger picture, key cluster support of 1.3068 (38.2% retracement of 1.2061 to 1.3664 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 1.3052/68 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) 1.3184; (P) 1.3227; (R1) 1.3291; More….

USD/CAD recovered after dipping to 1.3164 and intraday bias is turned neutral first. Some consolidation would be seen but recovery is expected to be limited by 1.3387 support turned resistance to bring fall resumption. Current development affirms our view that corrective rise from 1.2460 has completed at 1.3793. Below 1.3164 will target next key level at 1.2968 (38.2% retracement of 1.2460 to 1.3793 at 1.2969) for confirmation.

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. Rise from 1.2460 is seen as the second leg and has completed at 1.3793, ahead of 61.8% retracement of 1.4689 to 1.2460 at 1.3838. Break of 1.3222 should now indicate the start of the third leg while further break of 1.2968 should confirm. In that case, USD/CAD should decline through 1.2460 support to 50% retracement of 0.9406 to 1.4869 at 1.2048.

Daily Pivots: (S1) 1.3695; (P) 1.3778; (R1) 1.3820; More…

A short term top should be in place at 1.3897, on bearish divergence condition in 4H MACD. Intraday bias is mildly on the downside. Deeper fall would be seen towards 38.2% retracement of 1.3091 to 1.3897 at 1.3589. But strong support should be seen there to bring rebound. On the upside, above 1.3804 minor resistance will bring retest of 1.3897.

In the bigger picture, corrective pattern from 1.3976 (2022 high) should have 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 1.3568 support holds.

Daily Pivots: (S1) 1.3328; (P) 1.3364; (R1) 1.3416; More….

USD/CAD’s rise from 1.3222 continues and reaches as high as 1.3421 so far. Intraday bias remains on the upside for 1.3455 resistance. As noted before, correction from 1.3534 is likely finished with three waves down to 1.3222.FIrm break of 1.3455 will confirm this bullish case and send USD/CAD to 1.3598 resistance. In that case, whole rise from 1.2460 is likely resuming too. On the downside, below 1.3337 minor support will bring another fall. But we’d expect strong support from 61.8% retracement of 1.2968 to 1.3534 at 1.3184 to contain downside and bring rebound.

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 from 1.2460 is likely still in progress and could target 61.8% retracement of 1.4689 to 1.2460 at 1.3838. We’d look for reversal signal there to start the third leg. However, break of 1.2968 will argue that the third leg has already started and should at least bring a retest of 1.2460 low. Meanwhile, sustained trading above 1.3838 would pave the way to retest 1.4689 high.

USD/CAD stayed in consolidation below 1.3585 last week and outlook is unchanged. Further rally is expected as long as 1.3357 support holds. Break of 1.3585 will resume the rebound from 1.3176 for 1.3897 resistance. However, break of 1.3357 will argue that the rebound from 1.3176 has completed and bring retest of this low.

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. Overall, larger up trend from 1.2005 (2021 low) is still expected to resume through 1.3976 at a later stage.

In the longer term picture, price actions from 1.4689 (2016 high) are seen as a consolidation pattern, which might have completed at 1.2005. That is, up trend from 0.9506 (2007 low) is expected to resume at a later stage. This will remain the favored case as long as 1.2947 resistance turned support holds.

Daily Pivots: (S1) 1.2403; (P) 1.2428; (R1) 1.2459; More….

Intraday bias in USD/CAD remains neutral as consolidation from 1.2354 continues. As long as 1.2623 support turned resistance holds, deeper decline is expected. Break of 1.2354 will extend the fall from 1.2910 to retest 1.2061 low. However, sustained break of 1.2623 will argue that the fall has completed and turn bias back to the upside for 1.2919 resistance.

In the bigger picture, current development argues that rebound from 1.2061 has completed at 1.2919, rejected by 55 week EMA (now at 1.2850) and kept below 38.2% retracement of 1.4689 to 1.2061 at 1.3065. The development also suggests that long term fall from 1.4689 is not completed yet. Decisive break of 1.2061 low will target 61.8% retracement of 0.9406 to 1.4689 at 1.1424. This will now be the favored case as long as 1.2919 resistance holds.

Daily Pivots: (S1) 1.2744; (P) 1.2773; (R1) 1.2807; More…

Intraday bias in USD/CAD is turned neutral with today’s recovery. On the downside, break of 1.2726 will resume the decline from 1.3222 to towards 1.2516 support. ON the upside, however, above 1.2837 will turn bias back to the upside for 1.2984 resistance instead.

In the bigger picture, down trend from 1.4667 (2020 high) should have completed at 1.2005, after defending 1.2061 long term cluster support. Rise from there should target 61.8% retracement of 1.4667 to 1.2005 (2021 low) at 1.3650. This will remain the favored case now as long as 1.2516 support holds.

USD/CAD dropped further to as low as 1.3387 last week but recovered since then. Initial bias stays neutral this week for consolidation first. Upside of recovery should be limited by 1.3570 resistance and bring fall resumption. At this point, we’re still favoring the case that rise from 1.2968 has completed. And the larger rise from 1.2460 could have finished too. Below 1.3387 will target 1.3222 support first. Break of 1.3222 will affirm our bearish view and target 1.2968 key support level for confirmation. However, break of 1.3570 will turn focus back to 1.3793 high instead.

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. Rise from 1.2460 is seen as the second leg and could have completed at 1.3793, ahead of 61.8% retracement of 1.4689 to 1.2460 at 1.3838. Break of 1.3222 should indicate the start of the third leg while further break of 1.2968 should confirm. Nonetheless, sustained trading above 1.3838 would pave the way to retest 1.4689 high.

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.

Daily Pivots: (S1) 1.3629; (P) 1.3680; (R1) 1.3710; More…

Intraday bias in USD/CAD is back on the downside with break of 1.3660 support. Fall from 1.3845 short term top would extend to 55 D EMA (now at 1.3597). On the upside, above 1.3730 minor resistance will turn bias back to the upside for retesting 1.3845 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) 1.3408; (P) 1.3431; (R1) 1.3466; More…

USD/CAD’s sharp decline and break of 1.3352 minor support suggests that rebound from 1.3250 has completed at 1.3451 already. Intraday bias is turned back to the downside for 1.3250 support. Firm break there will indicate completion of whole rebound from 1.3068. In that case, deeper fall would be seen back to 1.3068.3112 support zone. On the upside, break of 1.3467 will target a test on 1.3664 high.

In the bigger picture, structure of the medium term rise from 1.2061 (2017 low) to 1.3664 is not clearly impulsive. Hence, we’d stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.3192) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high). However, firm break of the channel support should confirm reversal and target 1.2061 low again.

Daily Pivots: (S1) 1.3114; (P) 1.3192; (R1) 1.3347; More…

USD/CAD’s rebound and break of 1.3189 resistance suggests short term bottoming at 1.3017 on bullish convergence condition in 4 hour MACD. More importantly, it should have invalidated the case of double top reversal. Instead, price actions from 1.3588 could just be a three wave consolidation pattern that completed at 1.3017 too. Intraday bias is back on the upside for 1.3598. Break there will extend the whole rise from 1.2460 to next fibonacci level at 1.3838. Meanwhile, break of 1.3017 will revive the case of near term reversal and target 1.2460.

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 is still in progress and could target 61.8% retracement of 1.4689 to 1.2460 at 1.3838. As rise from 1.2460 is seen as a corrective move, we’d look for reversal signal above 1.3838. Meanwhile, break of 1.3017 will likely start the third leg to 1.2460 and below.

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