The USD/CAD Has Formed a Short Term Top

Trading in the pair is on the downside for 38.2% retracement of 1.2061 to 1.2598 at 1.2393, as a short term top is formed at 1.2598. Pivot points are at: (S1) 1.2431; (P) 1.2481; (R1) 1.2509.

Bottoming in the pair is possible below 1.2266. Overcoming of 1.2598 will renew the growth from 1.2061 for resistance 1.2777.

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.