Support levels: 1.0458, 1.0362, 1.0248
Resistance levels: 1.0779, 1.0868, 1.0957
USD/CAD was not able to get through the level of 1.0750, thus, there happened a rebound. Nevertheless, the attitude to the currency pair remains bullish. Breaking of the important resistance level - 1.0779 – will cause the pair growth to the level of Fibo correction - 38.2 from 1.3063 to 0.9930 at 1.1126.
As it was stated above, in favour of the uprise speaks the MACD position above the signal line and the support EMA (55), from which earlier USD/CAD has recoiled near 1.0105, and which is at the moment found at 1.0395. Moreover, the fact that USD/CAD has successfully broken through the support level of 1.0288, denotes that the falling from 1.0741 has ended.
If the currency pair does not manage to get through 1.0779, we should expect the decline to 1.0458 with the following aim at 1.0362.
However, we should underline that although the pull back from 0.9930 was strong enough, and the pair did reach the mark 1.0741, now, we are not observing breaking through the main resistance level of 1.0779, which does not demonstrate the rebound of a mid-term trend.
In a mid-term prospect, if the currency pair breaks the support level of 0.9930, it will mean that a decline from 1.3063 is continuing and a further downward advance to 0.9820 should be awaited.
