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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

The U.S. dollar was seen giving up some of the gains posted from earlier in the week by Friday's close. Economic data on Friday was limited to Canada's jobs report which was the main highlight. Data showed that the Canadian labor market shed 1,100 jobs against median estimates of an increase of 17.8k jobs. The decline in the jobs in April comes after March's gain of 32.3k.

The Canadian unemployment rate was seen holding steady at 5.8% unchanged from the previous month. Wage growth was seen making strong inroads.

The U.S. import price data was also released on Friday which showed an increase of 0.3% following a decline of 0.2% the month before. This was however below the median estimates of a 0.5% increase.

Looking ahead, the economic data is quiet today with the exception of FOMC Member, Loretta Mester who will be speaking at an event today.

Daily Pivots: (S1) 1.1897; (P) 1.1932 (R1) 1.1974; More....

EUR/USD's rebound from 1.1822 short term bottom extends higher today. Intraday bias remains on the upside for 38.2% retracement of 1.2413 to 1.1822 at 1.2048. We'd expect strong resistance from there to limit upside to bring fall resumption. On the downside, below 1.1822 will resume the whole decline from 1.2555 and target 1.1708 medium term fibonacci level next.

In the bigger picture, current development suggests that EUR/USD was rejected by 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. And, a medium term was formed at 1.2555 already. Decline from there should extend further. Break of 38.2% retracement of 1.0339 to 1.2555 at 1.1708 will target 61.8% retracement at 1.1186. For now, even in case of rebound, we won't consider the fall from 1.2555 as finished as long as 55 day EMA (now at 1.2179) holds.

Daily Pivots: (S1) 1.3493; (P) 1.3545; (R1) 1.3588; More...

Consolidation from 1.3459 short term bottom is still in progress. Intraday bias in GBP/USD remains neutral first. On the upside, break of 1.3617 minor resistance will turn bias to the upside for stronger recovery. But upside should be limited by 38.2% retracement of 1.4376 to 1.3459 at 1.3809. On the downside, sustained break of 1.3448 fibonacci level will confirm resumption of whole fall from 1.4376 and target next fibonacci level at 1.2874.

In the bigger picture, current development suggests that whole medium term rebound from 1.1936 (2016 low) has completed at 1.4376 already, with trend line broken, on bearish divergence condition in daily MACD, after rejection from 55 month EMA (now at 1.4223). 38.2% retracement of 1.1936 (2016 low) to 1.4376 at 1.3448 was almost met. Break there will target 61.8% retracement at 1.2874 and below. Outlook will stay bearish as long as 55 day EMA (now at 1.3861) holds, even in case of strong rebound.

Daily Pivots: (S1) 0.9968; (P) 1.0004; (R1) 1.0032; More...

Intraday bias in USD/CHF remains mildly on the downside as correction from 1.0056 short term top would extend. Break of 4 hour 55 EMA will bring deeper pull back to trend line support (now at 0.9764). At this point, we'd expect strong support from there to bring rally resumption. On the upside, sustained break of 1.0037 will resume recent rise for 1.0342 key resistance next.

In the bigger picture, medium term decline from 1.0342 has completed with three waves down to 0.9186. Rise from there is currently viewed as a leg inside the long term range pattern. Hence, while further rally would be seen, we'd be cautious on strong resistance from 1.0342 to limit upside. For now, further rise is expected as long as 38.2% retracement of 0.9186 to 1.0056 at 0.9724 holds.

Daily Pivots: (S1) 109.15; (P) 109.35; (R1) 109.56; More...

USD/JPY recovers mildly today after drawing support from 4 hour 55 EMA. But it's staying in range below 110.02 short term top and intraday bias remains neutral. More consolidation could be seen with risk of another fall. Still, downside should be contained by 38.2% retracement of 104.62 to 110.02 at 107.95 to bring rally resumption. On the upside, break of 110.02 will resume the rise from 104.62 to 61.8% retracement of 114.73 to 104.62 at 110.86 next.

In the bigger picture, corrective decline from 118.65 (2016 high) has completed with three waves down to 104.62. Rise from 104.62 is possibly resuming the up trend from 98.97 (2016 low). This will be the preferred case as long as 38.2s% retracement of 104.62 to 110.02 at 107.95 holds. Decisive break of 114.73 resistance will confirm our view and target 118.65 and above.

Daily Pivots: (S1) 147.58; (P) 148.03; (R1) 148.49; More...

GBP/JPY recovers today but stays below 149.29. Intraday bias remains neutral first. Consolidation from 147.04 temporary low could extend. But upside should be limited below 150.60 support turned resistance to bring fall resumption. Below 147.04 will target 144.97 first. Break there will resume the fall from 156.59 and target 100% projection of 156.59 to 144.97 from 153.84 at 142.22 next.

In the bigger picture, for now, we're treating price actions from 156.59 as a corrective move. Therefore, while deeper fall is expected, strong support should be seen above 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) to contain downside and bring rebound. There is still prospect of extending the rise from 122.36. However, considering that GBP/JPY failed to sustain above 55 month EMA (now at 153.94), firm break of 139.29 will confirm trend reversal and turn outlook bearish.

The EUR/USD exchange rate has managed to uphold its upward momentum since last Wednesday. Being supported by the 55– and 100-hour SMAs, bulls strengthened their bullish sentiment, thus allowing the Euro to dash through the 200-hour moving average. Further advance above 1.1960 was limited by the monthly S1.

The pair's consolidation since mid-Friday might suggest that it might be tended south in this session. But given lack of fundamental releases today, it is unlikely that the Euro falls below the 1.19 mark where the combined support of the 55-, 100– and 200-hour SMAs are located. Thus, it might be located near the psychological 1.20 level on Tuesday morning.

In terms of upside potential, gains could be capped near the 61.80% Fibonacci retracement at 1.2050.

The Sterling has been trading in a channel down against the US Dollar since early May. Thus, the pair has since not been able to form a distinctive movement either direction. No changes to the pair's positioning were likewise introduced on Friday, as the relatively calm session left the rate near the 55-, 100– and 200-hour SMAs.

In case the two shorter-term SMAs and the weekly PP are breached at 1.3540, the rate is likely to edge lower and test its next support—the weekly S1 at 1.3465. A fall below this level is very unlikely, especially if no fundamental releases are scheduled for today.

Meanwhile, a reversal from 1.3540 would send the Pound for a test of the weekly R1 at 1.3622. A possible daily high should be the weekly S2 and the breached senior channel near 1.37.

As apparent on the chart, the USD/JPY exchange rate remained stable on Friday and fluctuated in a narrow range between the 50.0% Fibonacci retracement and the 100– and 200-hour simple moving averages.

The pair did breach the bottom boundary of an eight-week channel; thus, the current dominant pattern has become a symmetrical triangle. In line with this pattern, the Greenback should test its bottom line at 109.00 prior to reversing to the upside once again. This scenario is likely due to the strong resistance at 109.40. This expected fall might even exceed the triangle and could be limited solely by the weekly S1 at 108.80.

On the other hand, a breakout of 109.45 would confirm the strong bullish sentiment that is likely to guide the US Dollar higher for a few sessions.