USD/CAD Has Formed a Temporary Low
Stance of trading is neutral for consolidation, as a temporary low was formed at 1.2781. Pivot points are at: (S1) 1.2801; (P) 1.2821; (R1) 1.2845.
Trading below 1.2781 will widen the drop from 1.3385 to next fibonacci level at 1.2567, which is close to support 1.2526. The pair’s forecast will remain bearish while resistance 1.3081 keeps.
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.