USD/CAD Mid-Day Outlook

[seiko]

USD/CAD Mid-Day Outlook
USDCAD Outlook | Written by ActionForex.com | Mar 03 08 13:55 GMT |
USD/CAD Mid-Day Outlook
Daily Pivots: (S1) 0.9787; (P) 0.9839; (R1) 0.9929; More.

USD/CAD's rebound from 0.9709 continues today and extends further to as high as 0.9899 in early US session. At this point, intraday bias remains on the upside as long as 0.9824 minor support holds and further rise could be seen to 4 hours 55 EMA (now at 0.9912) or above. Though, as discussed before, we'd still expect the current rebound from 0.9709 to be limited by 0.9882 resistance and bring resumption of whole fall from 1.0378. On the downside, below 0.9824 will turn intraday bias back to the downside for retest of 0.9709 low.

In the bigger picture, rebound from 0.9056 made a top at 1.0378 with bearish divergence condition in daily MACD. Followed by break of 0.9756 support, such rebound should have completed already. Hence deeper decline is now in favor to retest 0.9056 low. However, break of 0.9982 will be the first alert that fall from 1.0378 has completed with three waves down to 0.9709. Further break of falling trend line resistance (now at 1.0.120) will confirm this case. In other words, rise from 0.9506 is still in progress to above 1.0378 before completion.

[james]

USD/CAD's rebound from 1.0018 extends further to as high as 1.0218 today and break of 1.0167 resistance argues that the fall from 1.0326 has possibly completed.
At this point, intraday bias remains on the upside as long as 1.0104 minor support holds and further rally should be seen to retest 1.0326 high. Meanwhile, below 1.0104 minor support will dampen this view and turn intraday outlook neutral first.

[nicks]

USD/CAD's retreat from 1.0273 continues today and 4 hours MACD's cross below signal line indicates an intraday top is already in place.
Intraday outlook is neutral for the moment. Nevertheless, further rally is still in favor as long as 1.0132 minor support holds.
Above 1.0273 will bring retest of 1.0326 resistance.
Break will confirm that whole rally from 0.9709 has resumed for 1.0378 resistance and above.
On the downside, break of 1.0018 will confirm that fall from 1.0326 has resumed for lower side of the established range of 0.9709 and 1.0378.