The USD/CAD Lost Downside Impulse

Technical Reports

Trading is neutral, as the pair lost some downside momentum. Pivot points are at: (S1) 1.2814; (P) 1.2830; (R1) 1.2857.

Downside should be contained by support from 38.2% retracement of 1.2246 to 1.3000 at 1.2712. Overcoming of 1.3000 will renew a medium term growth to fibonacci level 1.3065. Trading below 1.2802 will aline term channel support (now at 1.2724).

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.