USD/CAD Dips Lower
Trading is on the downside for next fibonacci level at 1.2567, as fall from 1.3385 continues. Pivot points are at: (S1) 1.2773; (P) 1.2824; (R1) 1.2867.
Overcoming of resistance 1.3081 will point out a near term trend reversal. Trading above resistance turned support 1.2883 will become neutral. The pair’s forecast will remain bearish even in case of recovery.
The bounce from 1.2061 has completed at 1.3385, considering firm break of 38.2% retracement of 1.2061 to 1.3385 at 1.2879 key fibonacci level. Deeper fall is expected to 61.8% retracement at 1.2567, which is close to support 1.2526. Bottoming signs are expected below 1.2567. Downtrend from 1.4689 could still renew.