Downtrend Resumption in USD/CAD is Expected
Trading in the pair is on the downside. Break of minimum 1.2061 will resume a downtrend. Pivot points are at: (S1) 1.2238; (P) 1.2285; (R1) 1.2312.
Running fall from 1.2919 is awaited to retest a minimum 1.2061. Overcoming of minor resistance 1.2390 will indicate a short term bottoming, and trading will back to the upside for recoil to 55 day EMA.
The recoil from 1.2061 has completed at 1.2919. Corrective fall from 1.4689 goes on. Overcoming of minimum 1.2061 will target 61.8% retracement of 0.9406 to 1.4689 at 1.1424.