USD/CAD: Further Rise Is Awaited
Trading tone is neutral, but further increase is expected while minor support 1.2802 keeps. Pivot points are at: (S1) 1.2794; (P) 1.2885; (R1) 1.2944.
Overcoming of 1.2802 will back trading to the downside for 55 day EMA (now at 1.2780) and below. Trading above 1.2996 will aline resistance 1.3124, and overcoming of the resistance will widen the recoil from 1.2061.
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.