Oct 03, 2022

VOT Research Desk

Analytical Viewpoint USD/CAD

Daily Pivots: (S1) 1.3713; (P) 1.3776; (R1) 1.3895; 

At this point, the intraday bias in USD/CAD remains positive. Aim for the current uptrend’s 161.8% estimate of 1.2005 to 1.2947 from 1.2401 at 1.3925. A strong break there will aim for the 1.4285 200% projection.

To imply short-term peaking on the downside, a break of the 1.3601   minor support level is required. In the absence of a pullback, the prognosis will continue to be optimistic.

Overall, the upward trend from the low point in 2021 (1.2005) is still in effect. Considering the current impulsive momentum, the long-term upward trend from 0.9056 may be resumed.

Whatever the case, the next move should be a retest of the 2016 high at 1.4689. As long as resistance turned support at 1.3222 holds, this will continue to be the preferred scenario.

Sep 23, 2022, 08:00PM+7:00

VOT Research Desk

Analytical Viewpoint USD/CAD

Daily Pivots: (S1) 1.3417; (P) 1.3480; (R1) 1.3552; 

The uptrend in USD/CAD is still ongoing, and the intraday bias is still upward. The current upward trend should aim for the 1.3650 Fibonacci level in the medium run.

 Below the weak support level of 1.3343, the intraday bias will shift downward and become neutral, bringing consolidations initially before staging another recovery.

In the big picture, the downward trend from 1.4667 (the high for 2020) should have ended at 1.2005, following a successful defense of the long-term cluster support at 1.2061. The next move should aim for 1.3650, which is the 61.8% retracement of the 1.4667 to 1.2005 (2021 low) move.

As long as the 1.2716 support holds, this will continue to be the preferred scenario.

Sep 23, 2022, 08:00AM+7:00

VOT Research Desk

Analytical Viewpoint USD/CAD

Daily Pivots: (S1) 1.3406; (P) 1.3475; (R1) 1.3541; 

As it continues its run of higher highs and lows from earlier this week, USD/CAD trades at a new yearly high of 1.3544.

The move from the 50-Day SMA (1.2999) also caused the Relative Strength Index (RSI) to enter overbought territory for the first time since 2022.

The USD/CAD price action may remain optimistic as long as the RSI stays above 70, but a closure above the 1.3540 (23.6% retracement) area is required to put the 1.3630 (38.2% retracement) to 1.3660 (78.6% expansion), which corresponds to the July 2020 high, on the radar (1.3646).

A push below the 1.3400 (23.6% expansion) handle might open the door for a move towards the 1.3290 (61.8% expansion) to 1.3310 (50% retracement) region if the USD/CAD fails to close above the 1.3540 (23.6% retracement) zone and the RSI declines below 70.

Sep 16, 2022, 12:45+7:00

VOT Research Desk

Analytical Viewpoint USD/CAD

Daily Pivots: (S1) 1.3175; (P) 1.3208; (R1) 1.3261;

The break of the resistance level at 1.3222 on the USD/CAD confirms the continuation of the upward trend that began in 1.2005.

The intraday tilt is once again upward. The next goal is a 100% forecast of 1.2005 from 1.2401 at 1.3343 to 1.2947.

Below the modest support level of 1.3238, the intraday bias will initially become neutral. To bring up another rise, a retreat should be restrained well above the 1.2952 support level.

In the big picture, the downward trend from 1.4667 (the high for 2020) should have ended at 1.2005, following a successful defense of the long-term cluster support at 1.2061. The next move should aim for 1.3650, which is the 61.8% retracement of the 1.4667 to 1.2005 (2021 low) move. As long as the 1.2726 support holds, this will continue to be the preferred scenario.