Corrective Bounce In USD/CAD Extends

Technical Reports

Stance of trading is neutral for consolidation. The corrective bounce from 1.2781 extends higher, but the pair is limited below resistance 1.3081. Pivot points are at: (S1) 1.2905; (P) 1.2931; (R1) 1.2970.

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. Overcoming of 1.3081 will turn the forecast bullish for resistance 1.3225.

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.