USD/CAD: Fall Extends
Trading is on the downside, and drop from 1.3124 should aline 61.8% retracement of 1.2246 to 1.3124 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) 1.2728; (P) 1.2767; (R1) 1.2790.
Fall of the pair might prolong to 1.2246. Overcoming of 1.2942 will point out support from 1.2789. In that case, trading will back to the upside for 1.3124. Trading above minor resistance 1.2846 will become neutral. Break of 1.2942 will confirm completion of the fall.
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.