The USD/CAD Can Form a Short Term Top
Trading in the pair is on the upside. Pivot points are at: (S1) 1.2489; (P) 1.2537; (R1) 1.2612. Growth from 1.2061 should widen to resistance 1.2777. Overcoming of resistance 1.2777 will target 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Break of 1.2448 level will point out a short term top 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.