Short Term Bottom Was Formed in USD/CAD

Trading in the pair is on the upside for 38.2% retracement of 1.3346 to 1.2412 at 1.2769. Pivot points are at: (S1) 1.2452; (P) 1.2513; (R1) 1.2614.

Short term bottom was formed in the pair. Trading below key support 1.2460 will widen the fall from 1.3793 to next key fibonacci level at 1.2048.

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.