Recoil in USD/CAD is Possible

Trading is neutral, as the pair is holding on to support 1.2412. Pivot points are at: (S1) 1.2311; (P) 1.2362; (R1) 1.2394.

Breach of 1.2048 level will align fibonacci level of 1.1424. Overcoming of support 1.2412 will indicate trend reversal. Strong growth in the pair is awaited. Strong support from 1.2048 will bring a recoil.

Decline from 1.4689 is a correction. Focus is now on 50% retracement of 0.9406 to 1.4869 at 1.2048. Recoil from 1.2048 can prolong uptrend from 0.9406.