Fall of USD/CAD Continues

Technical Reports

Trading is on the downside. Decrease should be contained by support from 38.2% retracement of 1.2246 to 1.3000 at 1.2712. Pivot points are at: (S1) 1.2774; (P) 1.2841; (R1) 1.2876.

It is awaited, that pull back from 1.3000 will prolong to near term channel support (now at 1.2720). Overcoming of 1.3000 will renew a medium term growth 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.