USD/CAD's fall is still in progress and the break of 1.0062 support confirms that medium term down down trend has resumed. Intraday bias remains on the downside for 1.0 psychological level next. On the upside, above 1.0128 minor resistance will indicate that a temporary low is formed an turn bias neutral. But recovery should be limited below 1.0302 resistance and bring fall resumption.

In the bigger picture, medium term decline from 1.3063 is still in progress. It's unclear whether such fall is resuming the long term down trend from 1.6196 (2002 high) or it's part of a consolidation pattern that started at 0.9056 (2007 low). In either case, fall from 1.3063 is now expected to continue towards 100% projection of 1.3063 to 1.0784 from 1.1723 at 0.9444 next. On the upside, break of 1.0779 resistance is needed to be the first signal that fall from 1.3063 is finished. Otherwise, outlook will remain bearish.

In the longer term picture, while long term down trend from 1.6196 (2002 high) has made an important low at 0.9056, the sustained trading below 55 months EMA again argues that the long term trend has not reversed yet. Fall from 1.3063 is either resuming the long term down trend or is part of a sideway consolidation pattern that started at 0.9056 (2007 low). We'll stay neutral for the moment until the fall from 1.3063 finally confirms whether it's impulsive or corrective in nature.

USD/CAD

USD/CAD

USD/CAD

USD/CAD