Strong Recoil In USD/CAD
Stance of trading is neutral, as the pair recoiled strongly after hitting 1.3160, ahead of 38.2% retracement of 1.2781 to 1.3359 at 1.3138. Upside is limited below 1.3359. Pivot points are at: (S1) 1.3196; (P) 1.3232; (R1) 1.3301.
Overcoming of 1.3160 will target 61.8% retracement at 1.3002. Hitting of resistance zone 1.3359/85 will confirm resumption of medium term uptrend.
A medium term correction from 1.3385 is extending with another falling leg. As deeper decline is not excluded, downside should be contained by 50% retracement of 1.2061 to 1.3385 at 1.2723 to bring rebound. Further growth is still expected to 61.8% retracement of 1.4689 to 1.2061 at 1.3685, at a later stage.