USD/CAD: Trend Reversal Is Not Excluded
Trading tone is neutral and a near term forecast is bullish. Pivot points are at: (S1) 1.2893; (P) 1.2982; (R1) 1.3055.
Overcoming of 1.2817 will point out a near term trend reversal. In that case, trading will back to the downside for support 1.2728. Trading above 1.3066 will suggest resumption of the growth from 1.2526 to key resistance 1.3124.
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.