Support levels: 1.0470, 1.0320, 1.0141.
Resistance levels: 1.0681, 1.0858, 1.0990.
USD/CAD fell to 1.0485 after it had not managed to breach the resistance level of 1.0681 again. Nevertheless, the view of the pair remains bullish and further upward movement is possible. The breakout of the resistance level of 100681 will open the way to 1.0858 with the next target at 1.0990.
However, if the downward motion keeps on and USD/CAD breaks through the support level of 1.0470, it will mean the formation of short-term apex at 1.0681. Further, if the support level of 1.0320 is broken, a drop to 1.0141 with next target at 0.9930 should be expected.
In mid-term outlook, considering bullish divergence of daily and weekly MACD, the view of the pair remains bullish amid the reversal of downward trend from 1.3063. 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.
_source!.png)
