The USD/CAD Has Formed a Temporary Top

Trading is neutral, as the pair has formed a temporary top at 1.2537. Pivot points are at: (S1) 1.2464; (P) 1.2501; (R1) 1.2522.

Overcoming of resistance 1.2777 will target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Further growth is awaited in the pair.

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.