USD/CAD: Temporary Low Was Formed
Trading is neutral for consolidation. A temporary low was formed at 1.3023. Pivot points are at: (S1) 1.3041; (P) 1.3061; (R1) 1.3080.
Trading above 1.3114 will point out bottoming. In that case, trading will back to the upside for resistance 1.3289. While deeper fall is possible, downside should be contained by strong support from rising channel line (now at 1.2902). Overcoming of 1.3023 will aline 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967.
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.