Downside Of USD/CAD Should Be Contained
Trading is on the downside, as fall from 1.3225 continues and might extend lower. Corrective drop from 1.3385 has completed at 1.2886. Pivot points are at: (S1) 1.2972; (P) 1.2999; (R1) 1.3023.
While deeper fall is not excluded, downside should be contained above support 1.2886. Trading above minor resistance 1.3077 will back to the upside for 1.3225. Overcoming of 1.3225 will point out resumption of the growth from 1.2886 to retest 1.3385.
Growth from low 1.2061 continues. Strong bounce ahead of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level retains medium term bullishness. Overcoming of 1.3384 should aline 61.8% retracement of 1.4689 to 1.2061 at 1.3685.