Further Fall in USD/CAD is Possible

Trading in the pair is on the downside. Further decline is awaited. Pivot points are at: (S1) 1.2650; (P) 1.2674; (R1) 1.2721.

The pair can test minimum 1.2460. Overcoming of 1.2770 will point out short term bottoming.

Price moves from a medium term top 1.4689 is a correction. Decline from 1.3793 is the third leg of a correction. 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.