Rise of USD/CAD Can Extend

Technical Reports

Trading tone is neutral, as the pair is staying in a range of 1.2802/3124. Further growth is expected. Pivot points are at: (S1) 1.2833; (P) 1.2868; (R1) 1.2922.

Overcoming of 1.3124 will widen recent growth to 161.8% projection of 1.2061 to 1.2916 from 1.2246 at 1.3629. Break of 1.2789/2802 will raise the possibility of rejection by medium term fibonacci level 1.3065. Downside should be contained by support from cluster support zone 1.2802.

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.