USD/CAD: Corrective Fall Could Extend
Trading is neutral, and the corrective drop from 1.3385 is still expected to continue. The fall from 1.2061 is forecast to renew. Pivot points are at: (S1) 1.3131; (P) 1.3156; (R1) 1.3197.
Trading below 1.3114 will aline support 1.3063 and then 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967. Downside should be contained by strong support from rising channel line (now at 1.2897).
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 and bring deeper fall to support 1.2526.