Rise Of USD/CAD Extends
Trading is on the upside for resistance 1.3173. The pair’s growth from 1.2886 extends to maximum 1.3116 and broke near term channel resistance. Pivot points are at: (S1) 1.3061; (P) 1.3082; (R1) 1.3119.
Trading below minor support 1.3019 will back to the downside for fibonacci level 1.2879. Overcoming of near term channel resistance will be the first sign of bullish trend reversal. Further rise is expected in the pair for retesting maximum 1.3385.
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.