USD/CAD Stays In Consolidation

Technical Reports

Trading tone is neutral for consolidation below temporary high 1.2913. Further growth is expected while minor support 1.2748 keeps. Pivot points are at: (S1) 1.2827; (P) 1.2857; (R1) 1.2912.

Downside of retreat should be contained by minor support 1.2748. Trading above 1.2913 will back to the upside and bring retesting of a maximum 1.3124. Overcoming of 1.2748 will turn focus back to support 1.2526.

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