USD/CAD: Fall Accelerates

Technical Reports

Trading is on the downside, as drop from 1.3124 accelerated to minimum 1.2587, just ahead of 61.8% retracement of 1.2246 to 1.3124 at 1.2581. The corrective increase from 1.2061 should have completed to 1.3124. Pivot points are at: (S1) 1.2554; (P) 1.2631; (R1) 1.2674.

Trading above minor resistance 1.2687 will become neutral, but a near term forecast will stay bearish while support 1.2814 keeps. Overcoming of 1.2581 will aline support zone 1.2061/2246.

Growth from 1.2061 is a correction, which could have completed at 1.3124 after hitting 38.2% retracement of 1.4689 to 1.2061 at 1.3065. 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.