The USD/CAD Has Formed a Temporary Low

Technical Reports

Character of trading is neutral, as a temporary minimum was formed at 1.2499. Pivot points are at: (S1) 1.2504; (P) 1.2529; (R1) 1.2559.

Decrease of the pair might continue. The decline from 1.2919 should prolong to 61.8% retracement of 1.2061 to 1.2919 at 1.2389.

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.