Support levels: 1.0212, 1.0101, 1.0050
Resistance levels: 1.0369, 1.0511,1.0569
At 4-hour graph the USD/CAD currency pair made a huge rollback upwards from the support level near 1.0212. The view on the currency pair remains bearish, as the downside trend still takes place. In case the mark 1.0212 is broken through with the target at 1.0101,where the upside hike is expected. Last weeks the USD/CAD is locked up within the range 1.0101-1.0680.
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If the currency pair breaks through the resistance level of 1.0369, it will mean that the downside trend is overcome and that we should wait for growth to 1.0511.
In a mid term the USD/CAD currency pair continues the upward motion after forming a bottom at 0.9930. A 1.0680 break through of 1.0680 will confirm the upward trend continuation and that the downside trend with 1.3063 is broken through. In this case, the USD/CAD will accomplish an upward motion to Fibonacci correction level 38.2 from 1.3063 to 0.9929 at 1.1126 with the next target at Fibonacci correction level 61.8 at 1.1866.
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