Consolidation in USD/CAD is Awaited

Trading is on the downside. Pivot points are at: (S1) 1.2570; (P) 1.2611; (R1) 1.2644.

The pair can retest minimum 1.2460. Overcoming of 1.2770 will point out short term bottoming. Consolidation in the pair is expected.

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.