Recoil of USD/CAD Extends
Trading in the pair is on the upside, and the recoil from a short term bottom 1.2246 should widen to resistance 1.2589. Pivot points are at: (S1) 1.2305; (P) 1.2371; (R1) 1.2486.
Trading below 1.2246 will renew the drop from 1.2919 for retesting key support 1.2061. Overcoming of resistance 1.2589 will point out completion of the pull back from 1.2919.
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.