Recoil in USD/CAD is Possible

Technical Reports

Trading in the pair is on the downside and further decrease is expected. Pivot points are at: (S1) 1.2884; (P) 1.2914; (R1) 1.2943.

Overcoming of resistance 1.3013 will point out a short term bottom and trading will back to the upside for resistance zone 1.3164/3346.

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. Recoil in the pair is possible.