USD/CAD: Uptrend Resumption Is Expected
Trading is on the upside with focus on resistance 1.3385. The next target is fibonacci level 1.3685. Pivot points are at: (S1) 1.3273; (P) 1.3336; (R1) 1.3420.
Overcoming of 1.3160 will indicate rejection by resistance 1.3385 and turn near term forecast bearish. Hitting of resistance 1.3385 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.