USD/CAD: Pull Back Extends Lower
Trading is on the downside, as pull back from 1.3385 prolongs lower. Pivot points are at: (S1) 1.3211; (P) 1.3282; (R1) 1.3324.
Overcoming of 1.3385 will renew recent growth and aline a medium term fibonacci level 1.3685. Downside should be contained by strong support from 1.3067.
A medium term fall from 1.4689 has completed at 1.2061 ahead of 50% retracement of 0.9406 to 1.4689 at 1.2048. Further growth is possible for 61.8% retracement of 1.4689 to 1.2061 at 1.3685 and above. Even in case of deep pull back, this forecast will be preferred while resistance turned support 1.2916 keeps.