USD/CAD: Stronger Recovery is Expected

Technical Reports

Trading is neutral for consolidation above temporary minimum 1.2544. Pivot points are at: (S1) 1.2544; (P) 1.2584; (R1) 1.2603.

Stronger recovery is awaited. Overcoming of 1.2544 will widen the fall from 1.3124 and 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.