USD/CAD: Consolidation Continues

Technical Reports

Trading tone is neutral, as consolidation below temporary high 1.3000 goes on. Further growth in the pair is awaited. Pivot points are at: (S1) 1.2854; (P) 1.2908; (R1) 1.2949.

Overcoming of 1.2757 will point out trend reversal. Trading above 1.3000 will widen the growth from 1.2246 to fibonacci level 1.3065.

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.