USD/CAD: Pull Back Could Extend
Trading is on the downside, as pull back from 1.2996 could widen lower. The bounce from 1.2061 goes on. Pivot points are at: (S1) 1.2744; (P) 1.2772; (R1) 1.2818.
Overcoming of 1.2526 will renew the drop from 1.3124 to support 1.2246, but downside should be contained above support 1.2526. Trading above 1.2859 will bring retest of 1.2996.
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.