Downside of USD/CAD Should be Contained
Trading in the pair is on the downside for key support level 1.2460. Pivot points are at: (S1) 1.2505; (P) 1.2557; (R1) 1.2591.
Overcoming of resistance 1.2770 will point out short term bottoming. Downside of the pair should be contained.
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.