Support levels: 1.0320, 1.0141, 1.0103.
Resistance levels: 1.0575, 1.0681, 1.0858.
The USD/CAD currency pair is continuing rising movement from the mark of 1.0141 after a small rollback, which was limited by the support level of 1.0320 and EMA (55). It is expected that USD/CAD will reach the resistance level of 1.0681 soon, the breach of which will open the way to 1.0858.
The breakout of the resistance level of 1.0325 means that pullback from 1.0858 is finished at the mark of 1.0141. Also, as we see on the chart, the drop from 1.0858 consist of 3 waves already that corresponds to the current pair growth.
It should be mentioned that on a day chart there is the formed “flag” on upward motion, which is only pause before further growth.
If USD/CAD reverses and breaks the support level of 1.0320, a decline to 1.0141 with next target at 0.9930 should be expected.
In mid-term outlook, considering bullish divergence of daily and weekly MACD, possibly, a reversal of downward trend from 1.3063 is taking place. It is expected USD/CAD will go up to Fibonacci correctional level of 38.2 from 1.3063 to 0.9929 on 1.1126 with next target at Fibonacci correctional level of 61.8 on 1.1866.
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