Downside of USD/CAD Should be Contained

Trading in the pair is neutral, as consolidation from 1.2916 continues. Pivot points are at: (S1) 1.2643; (P) 1.2685; (R1) 1.2714.

Overcoming of 1.2916 will renew the growth from 1.2061 to medium term fibonacci level 1.3065. Downside should be contained by resistance 1.2598. Break of 1.2598 will point out completion of a recoil from 1.2061.

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.