Trend Reversal in USD/CAD is Expected

Technical Reports

Trading is on the downside, as drop from 1.3124 goes on and 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) 1.2649; (P) 1.2733; (R1) 1.2781.

Overcoming of 61.8% retracement of 1.2246 to 1.3124 at 1.2581 will aline support zone 1.2061/2246. Trading above minor resistance 1.2818 will become neutral, but a near term forecast will stay bearish while resistance 1.2942 keeps.

Growth from 1.2061 is a correction. Focus is now on 1.2061 and 50% retracement of 0.9406 to 1.4689 at 1.2048. Running corrective increase could have completed at 1.3124 after hitting 38.2% retracement of 1.4689 to 1.2061 at 1.3065.