Correction In USD/CAD Could Complete
Trading is neutral, as the pair recovered after overcoming 1.3067. Still, the pair’s recovery is limited below minor resistance 1.3159. Pivot points are at: (S1) 1.3092; (P) 1.3119; (R1) 1.3139.
Trading above minor resistance 1.3159 will back to the upside for retesting 1.3385. Overcoming of 1.3067 will bring deeper fall to channel support (now at 1.2838). It is forecast, that support around resistance turned support 1.3067 will end the correction from 1.3385. Resumption of a bounce is not excluded.
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.