USD/CAD’s Drop Reaches Minimum
Trading is on the downside for 61.8% retracement at 1.2581. Overcoming of 38.2% retracement of 1.2246 to 1.3124 at 1.2789 should point out a near term trend reversal. Pivot points are at: (S1) 1.2732; (P) 1.2789; (R1) 1.2822.
Fall of the pair from 1.3124 extends and reaches minimum 1.2744. Overcoming of 1.2942 will point out support from 1.2789. In that case, trading will back to the upside for 1.3124.
Rejection by 1.3065 will point out a corrective structure of price action from 1.2061. Strong support was seen from 50% retracement of 0.9406 to 1.4689 at 1.2048. But there was no follow through buying above 38.2% retracement of 1.4689 to 1.2061 at 1.3065. And 1.2061 will be put back into focus with medium term bearishness revived.