Support levels: 1.0141, 1.0100, 0.9930.
Resistance levels: 1.0455, 1.0681, 1.0858.
USD/CAD moves downwards further. The resistance level of 1.0455 is not breached yet, the intraday view of the pair remains bearish. As it was mentioned before, the breakout of the mark of 1.0320 points out that USD/CAD aimed at 1.0141.
In addition, the breakout of 1.0470 means the formation of short-term top at the level of 1.0681. The fact that on a 4-hour chart, MACD demonstrates divergence and EMA (55) moving average has been broken speaks in favor of the downward motion. That indicates the bears dominance on the market.
Nonetheless, as the chart shows, the movement of USD/CAD develops as a triangle, therefore, an upward rebound should be expected around 1.0141. However, if this support level is broken, USD/CAD will drop to 0.9930.
In mid-term outlook, apparently USD/CAD formed a bottom at 0.9930. Also, considering bullish divergence at daily and weekly MACD, the view of the pair remains bullish amid the reversal of downward trend from 1.3063. It is expected that USD/CAD will go up to Fibonacci correctional level of 38.2 from 1.3063 to 0.9929 on 1.1126 with the next target at Fibonacci correctional level of 61.8 on 1.1866.
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