USD/CAD: Downside Should Be Contained
Stance of trading remains neutral. The correction from 1.3385 could have completed with three waves down to 1.2961. Pivot points are at: (S1) 1.3012; (P) 1.3038; (R1) 1.3076.
Trading above 1.3119 will target resistance 1.3289. Downside should be contained by strong support from channel line (now at 1.2941). Overcoming of resistance 1.3289 will aline 1.3385.
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.