Rise of USD/CAD is Progressing

Technical Reports

Trading is on the upside, as a medium term recoil from 1.2061 is widening to fibonacci level 1.3065. Pivot points are at: (S1) 1.2881; (P) 1.2941; (R1) 1.3023.

The pair’s forecast will remain bullish while resistance turned support 1.2757 keeps. Below minor support 1.2888 trading will become neutral.

A larger downtrend from 1.4589 has finished at 1.2061, after support from 50% retracement of 0.9406 to 1.4689 at 1.2048. The pair’s growth could widen to 38.2% retracement of 1.4689 to 1.2061 at 1.3065, and then aline 61.8% retracement at 1.3685.