Bounce Of USD/CAD Extends

Technical Reports

Trading is on the upside, as growth from 1.2526 continues. Break of support 1.2802 will indicate a near term topping. Pivot points are at: (S1) 1.2847; (P) 1.2872; (R1) 1.2907.

Running increase should bring retesting of a key resistance 1.3124. Overcoming of 1.3124 will widen the recoil to 100% projection of 1.2246 to 1.3124 from 1.2526 at 1.3404.

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.