Correction in USD/CAD Extends

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) 1.2474; (P) 1.2514; (R1) 1.2577.

Correction from short term bottom 1.2412 is extending. Overcoming of 1.2412 level will widen decline from 1.3793 to 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.