Recoil in USD/CAD Goes On

Trading in the pair is on the upside for 38.2% retracement of 1.3793 to 1.2412 at 1.2940, as a recoil from short term bottom 1.2412 goes on. Pivot points are at: (S1) 1.2695; (P) 1.2720; (R1) 1.2768.

Upside of the pair should limited by 1.2940. Trading below minor support 1.2552 will back to the downside for retesting of a minimum 1.2412.

Price moves from a medium term top 1.4689 is a correction. A short term bottom is formed at 1.2412. 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. Overcoming of 1.2968 will point out completion of a correction.