Recoil in USD/CAD is Possible

Trading in the pair is on the downside for key support level 1.2460. Pivot points are at: (S1) 1.2478; (P) 1.2514; (R1) 1.2546.

Overcoming of minor resistance 1.2608 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.