USD/CAD: Drop Is In Progress
Trading is on the downside for fibonacci level 1.2879, as fall from 1.3385 resumed and reached low 1.2886. Pivot points are at: (S1) 1.2884; (P) 1.2934; (R1) 1.2979.
Overcoming of fibonacci level 1.2879 will be the first signal of a medium term trend reversal and aline next fibonacci level at 1.2567. Trading above minor resistance 1.2981 become neutral.
Growth from 1.2246, as well as that from 1.2061, has completed at 1.3385. Break of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 will affirm the case of medium term trend reversal and aline 61.8% retracement at 1.2567 and below. Overcoming of 1.3385 will target 61.8% retracement of 1.4689 to 1.2061 at 1.3685 and above.