Range Trading Of USD/CAD
Trading tone is neutral for further growth. The pair is staying in a range of 1.2817/3046. Pivot points are at: (S1) 1.2898; (P) 1.2934; (R1) 1.2968.
Overcoming of support 1.2728 will point out completion of the recoil from 1.2526 at 1.3046. Trading above 1.3046 will suggest resumption of the growth from 1.2526 to key resistance 1.3124. Trend reversal is not excluded.
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.