USD/CAD: Corrective Fall Could Extend

Technical Reports

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.