Neutral Trading Of USD/CAD
Trading is neutral, as the pair retreated after hitting 1.3216. Corrective pull back from 1.3385 has completed at 1.3063. Pivot points are at: (S1) 1.3131; (P) 1.3175; (R1) 1.3200.
Overcoming of 1.3385 will renew larger growth to fibonacci level 1.3685. Trading above 1.3216 will bring retest of 1.3385. Overcoming of resistance turned support 1.3067 will bring deeper drop to channel support (now at 1.2832).
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. Overcoming of the channel support will point out completion of a growth from 1.2061 bring deeper fall to support 1.2526.