USD/CAD Stays in Consolidation

Technical Reports

Trading is neutral for consolidation, as a temporary minimum was formed at 1.2544. Pivot points are at: (S1) 1.2568; (P) 1.2593; (R1) 1.2634.

Stronger recovery is awaited to 4 hour 55 EMA (now at 1.2684). Overcoming of 1.2544 will aline 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.