Sample Category Title

Daily Pivots: (S1) 1.3283; (P) 1.3338; (R1) 1.3371; More...

USD/CAD's breach of 1.3296 suggests that fall from 1.3451 is resuming. Intraday bias is turn to the downside for 1.3250 support. Decisive 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, firm break of 1.3467 resistance will resume rise from 1.3068. Further rally should be seen to retest 1.3664 next.

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 1.3210) 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.

Pivot (invalidation): 5.6600

Our preference Long positions above 5.6600 with targets at 5.7170 & 5.7400 in extension.

Alternative scenario Below 5.6600 look for further downside with 5.6280 & 5.6000 as targets.

Comment Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Pivot (invalidation): 0.7110

Our preference Long positions above 0.7110 with targets at 0.7145 & 0.7165 in extension.

Alternative scenario Below 0.7110 look for further downside with 0.7095 & 0.7085 as targets.

Comment The RSI has just landed on its neutrality area at 50% and is turning up.

Pivot (invalidation): 1.3340

Our preference Short positions below 1.3340 with targets at 1.3295 & 1.3275 in extension.

Alternative scenario Above 1.3340 look for further upside with 1.3365 & 1.3385 as targets.

Comment The break below 1.3340 is a negative signal that has opened a path to 1.3295.

Pivot (invalidation): 0.9995

Our preference Short positions below 0.9995 with targets at 0.9980 & 0.9965 in extension.

Alternative scenario Above 0.9995 look for further upside with 1.0005 & 1.0015 as targets.

Comment The RSI lacks upward momentum.

Pivot (invalidation): 2883.25

Our preference Long positions above 2883.25 with targets at 2904.50 & 2910.00 in extension.

Alternative scenario Below 2883.25 look for further downside with 2869.00 & 2859.25 as targets.

Comment The RSI advocates for further upside.

Pivot (invalidation): 12010.00

Our preference Short positions below 12010.00 with targets at 11918.00 & 11876.00 in extension.

Alternative scenario Above 12010.00 look for further upside with 12060.00 & 12112.00 as targets.

Comment The RSI is mixed

Pivot (invalidation): 63.90

Our preference Long positions above 63.90 with targets at 65.20 & 65.60 in extension.

Alternative scenario Below 63.90 look for further downside with 63.50 & 63.15 as targets.

Comment The RSI is bullish and calls for further advance.

Pivot (invalidation): 15.1600

Our preference Long positions above 15.1600 with targets at 15.3000 & 15.3800 in extension.

Alternative scenario Below 15.1600 look for further downside with 15.0900 & 15.0400 as targets.

Comment The RSI lacks downward momentum.

Pivot (invalidation): 1295.75

Our preference Long positions above 1295.75 with targets at 1300.75 & 1303.50 in extension.

Alternative scenario Below 1295.75 look for further downside with 1291.00 & 1288.00 as targets.

Comment Technically the RSI is above its neutrality area at 50.