Trend Reversal In USD/CAD Is Possible

Technical Reports

Trading is neutral for consolidation from 1.3444. Still, further growth is expected while minor support 1.3160 keeps. Pivot points are at: (S1) 1.3380; (P) 1.3401; (R1) 1.3430.

Overcoming of 1.3444 will extend the larger uptrend from 1.2061 for fibonacci level 1.3685. Overcoming of 1.3160 will indicate a near term trend reversal. Deeper decline is not excluded.

Uptrend from 1.2061 continues and should aline to 61.8% retracement of 1.4689 to 1.2061 at 1.3685. Topping above 1.3685 is possible. This forecast will remain the favored while channel support (now at 1.29469) keeps.