Upside of USD/CAD Should be Bounded

Technical Reports

Trading is on the downside, despite the pair lost some downside momentum. Pivot points are at: (S1) 1.2559; (P) 1.2590; (R1) 1.2620.

Trading above minor resistance 1.2622 will become neutral for recovery. Overcoming of 161.8% retracement of 1.2246 to 1.3124 at 1.2581 will bring deeper decline to support zone 1.2061/2246. Upside should be limited below support 1.2814.

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.