USD/CAD Is Losing Downside Impulse

Technical Reports

Trading is still on the downside, despite the pair continues to lose downside momentum. Deeper fall is expected to 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967. Pivot points are at: (S1) 1.2970; (P) 1.3003; (R1) 1.3030.

The correction from 1.3385 is in progress. Downside should be contained by strong support from channel line (now at 1.2912). Overcoming of 1.3095 will back trading to the upside for resistance 1.3289.

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.