Sharp Fall Of USD/CAD
Trading of the pair is on the downside for support 1.2728 after a sharp drop. Pivot points are at: (S1) 1.2977; (P) 1.3013; (R1) 1.3056.
The bounce from 1.2728 will put focus back to resistance 1.3046. Overcoming of support 1.2728 will point out completion of the recoil from 1.2526 at 1.3046. Break of resistance 1.3046 will revive the bullish case of trend reversal.
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. Break of support 1.2526 will back focus on key support level 1.2061.