Recoil in USD/CAD Goes On
Trading is on the upside, as the recoil from 1.2061 continues. Further increase in the pair is awaited. Pivot points are at: (S1) 1.2410; (P) 1.2471; (R1) 1.2525.
Overcoming of resistance 1.2777 will target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. The pair should have defended key long term fibonacci level at 2.1048.
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. Overcoming of 1.2048 will indicate that decline from 1.4689 is a medium term downtrend.