USD/CAD: Stronger Growth Is Not Excluded

Technical Reports

Trading is on the upside. Stronger growth to resistance 1.3173 is possible. Pivot points are at: (S1) 1.2979; (P) 1.3034; (R1) 1.3097.

Trading below minor support 1.2997 will back to the downside for fibonacci level 1.2879. Overcoming of near term channel resistance (now at 1.3096) will be the first sign of bullish trend reversal.

A medium term trend reversal is expected. Focus in the pair is on 38.2% retracement of 1.2061 to 1.3385 at 1.2879, and break of that zone will aline 61.8% retracement at 1.2567 and below. Hitting of resistance 1.3173 will confirm the bullish case and aline 61.8% retracement of 1.4689 to 1.2061 at 1.3685 and above.