Fall of USD/CAD Should be Limited

Stance of trading in the pair is neutral for consolidation from temporary top 1.2916. Pivot points are at: (S1) 1.2779; (P) 1.2827; (R1) 1.2856.

A medium term trend can reverse. Downside should be contained above resistance 1.2598. Overcoming of 1.2916 will prolong the growth from 1.2061 to 38.2% retracement of 1.4689 to 1.2061 at 1.3065

Decline from 1.4689 is a correction. Focus is now on 50% retracement of 0.9406 to 1.4869 at 1.2048. Growth from a medium term bottom 1.2061 should target 38.2% retracement of 1.4689 to 1.2061 at 1.3065.