USD/CAD: Uptrend Resumption Is Possible

Technical Reports

Trading is on the upside for retesting 1.3385. Corrective pull back from 1.3385 should have completed at 1.2886, ahead of key fibonacci level 1.2879. Pivot points are at: (S1) 1.3116; (P) 1.3163; (R1) 1.3235.

Trading below minor support 1.3134 will become neutral for consolidation. Overcoming of 1.3385 will point out resumption of the whole uptrend form 1.2061. In that case, the pair will aline next key resistance level at 1.3685.

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.