USD/CAD Daily Outlook
Daily Pivots: (S1) 1.3047; (P) 1.3109; (R1) 1.3149;
Intraday bias in USD/CAD is turned neutral with a temporary top in place at 1.3170. On the downside, break of 1.3068 minor support will bring turn bias to the downside for 1.2969 support. Firm break there will indicate completion of whole rebound from 1.2781. In that case, whole fall from 1.3385 might extend through 1.2781 support before completion. On the upside, above 1.3170 will extend the rise from 1.2781 to 1.3225 key near term resistance next.
In the bigger picture, current development revives the case that corrective fall from 1.3385 has completed at 1.2781 already. And whole up trend from 1.2061 (2016 low) is ready to resume. Break of 1.3385 will target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. This will now be the favored case as long as 1.2781 support holds.
USD/JPY Daily Outlook
Daily Pivots: (S1) 112.53; (P) 112.78; (R1) 112.95;
Intraday bias in USD/JPY stays neutral at this point. Further rise is mildly in favor with 112.56 minor support intact. On the upside, above 113.38 will extend the rebound from 111.37 to 114.54/73 key resistance zone. On the downside, break of 112.56 will likely extend the correction from 114.54 to 38.2% retracement of 104.62 to 114.54 at 110.75 before completion.
In the bigger picture, corrective fall from 118.65 (2016 high) should have completed with three waves down to 104.62. Decisive break of 114.73 resistance will likely resume whole rally from 98.97 (2016 low) to 100% projection of 98.97 to 118.65 from 104.62 at 124.30, which is reasonably close to 125.85 (2015 high). This will stay as the preferred case as long as 109.76 support holds. However, decisive break of 109.76 will dampen this bullish view and turns outlook mixed again.
