Pull Back Of USD/CAD Has Completed
Trading is on the upside for resistance 1.2996, as the pull back from 1.2996 has completed at 1.2728. Pivot points are at: (S1) 1.2797; (P) 1.2864; (R1) 1.2943.
Further increase is awaited for retesting of key resistance 1.3124. Overcoming of resistance 1.2996 will affirm bullish forecast of the pair, and point out continuation of the bounce from minimum 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.