USD/CAD: Growth Has Resumed
Trading is on the upside with focus on resistance 1.3081. The pair’s growth from 1.2781 extends and reaches maximum 1.3068. Pivot points are at: (S1) 1.2972; (P) 1.3022; (R1) 1.3116.
Overcoming of resistance 1.3081 will indicate completion of the drop from 1.3385. In that case, a near term forecast will be turned bullish for resistance 1.3225. Trading below minor support 1.2886 will back to the downside for 1.2781.
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.