Corrective Drop Of USD/CAD Is Progressing
Trading is still on the downside. Corrective fall from 1.3385 is expected to widen to 100% projection of 1.3385 to 1.3063 from 1.3289 at 1.2967. Pivot points are at: (S1) 1.2999; (P) 1.3020; (R1) 1.3045.
Downside should be contained by strong support from channel line (now at 1.2933). 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.