USD/CAD: More Consolidation Is Expected

Technical Reports

Trading tone is neutral for consolidation below temporary high 1.2913. Further growth is expected while minor support 1.2748 keeps. More consolidation is not excluded. 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.