USD/CAD: Short Term Bottom Was Formed
Trading is on the upside for recovery, with a short term bottom at 1.2886. The next target is near term channel resistance (now at 1.3113). Pivot points are at: (S1) 1.2922; (P) 1.2961; (R1) 1.3021.
Trading below minor support 1.2959 will turn focus back to key fibonacci level 1.2879. Overcoming of resistance 1.3173 will point out completion of the drop from 1.3385.
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.