USD/CAD: Uptrend Resumption Is Not Excluded

Technical Reports

Trading is on the upside for key resistance 1.3385, despite upside momentum is unconvincing. Topping is possible around 1.3385. Pivot points are at: (S1) 1.3226; (P) 1.3293; (R1) 1.3345.

Overcoming of support 1.3187 will point out completion of the rise from 1.2781. In that case, trading would be turned back to the downside for 55 day EMA (now at 1.3127). Meanwhile, strong break of 1.3385 will confirm medium term uptrend resumption.

The corrective fall from 1.3385 has completed at 1.2781 and whole uptrend from 1.2061 is ready to resume. Overcoming of 1.3385 will aline 61.8% retracement of 1.4689 to 1.2061 at 1.3685. This will be preferred case while support 1.2781 keeps.