USD/CAD: Downside Should Be Contained

Technical Reports

Trading tone is neutral for consolidation below temporary high 1.2899. Overcoming of 1.2748 will turn focus back to support 1.2526. Pivot points are at: (S1) 1.2805; (P) 1.2839; (R1) 1.2875.

Downside of retreat should be contained by minor support 1.2748. Trading above 1.2899 will aline resistance 1.3124. Another growth is not excluded.

A downtrend from 1.4689 has completed at 1.2061, and the next target is 61.8% retracement at 1.3685. The recoil from 1.2061 goes on, with focus on 38.2% retracement of 1.4689 to 1.2061 at 1.3065. Trading above that range will confirm a medium term bullish reversal.