USD/CAD: Downside Should Be Contained
Trading is still on the downside, as corrective fall from 1.3385 continues and reaches 1.3083. Pivot points are at: (S1) 1.3059; (P) 1.3109; (R1) 1.3145.
Trading above minor resistance 1.3159 will back to the upside for retesting 1.3385. Downside should be contained by strong support from 1.3067. Overcoming of 1.3067 will bring deeper fall to channel support (now at 1.2825).
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. The pair’s forecast will remain bullish while channel support (now at 1.2825) keeps.