The USD/CAD pair broke down during the week, breaking below 1.20 for the third week in a row. However, we ended up finding enough support to turn things back around again as the 38.2% Fibonacci retracement level looks to be supportive.

PIVOT POINTS WEEKLY

S3        S2       S1        P          R1       R2      R1

1.1570 1.18 1.19 1.2025 1.2130 1.2250 1.2480

By Theodoros  Batsoulis
Technical Analyst
Risk Market
www.riskmarket.co.uk