Short Term Bottom in USD/CAD is Possible

Trading in the pair is on the downside and further drop is awaited. Pivot points are at: (S1) 1.2976; (P) 1.2994; (R1) 1.3023.

The pair can retest minimum 1.2460 because of trading below support 1.2968. Short term bottoming in the pair is possible. Strong recoil to resistance zone 1.3164/3346 is awaited.

Price moves from a medium term top 1.4689 is a correction. The second leg should have finished at 1.3793. Downside of the pair should be contained by support from 50% retracement of 0.9406 to 1.4869 at 1.2048.