USD/CAD: Drop Has Resumed
Trading is on the downside for support 1.2916, as current development suggests rejection by near term channel resistance. Pivot points are at: (S1) 1.2983; (P) 1.3041; (R1) 1.3113.
Overcoming of resistance 1.3132 will indicate rise resumption. Hitting of 1.2916 will widen the corrective fall from 1.3385 through low 1.2781.
The corrective fall from 1.3385 has completed, considering rejection from the channel resistance from 1.3385. Downside should be contained by strong support inside 1.2527/1.2723 zone to resume the uptrend from 1.2061. Overcoming of resistance 1.3132 will target a test on high 1.3385.