Support levels: 1.0355, 1.0292, 1.0141
Resistance levels: 1.0586, 1.0681, 1.0858
Intraday view of USD/CAD stays neutral after the mark of 1.0455 was broken through. Recently, the trading has been extremely volatile. As it is seen on a 4-hour chart, USD/CAD movement is developing in the form of triangle. If the upper limit of this figure is breached, it will mean that consolidation of the currency pair is finished and an upward motion to 1.0858 should be expected. On the other hand, in case of a reversal, the broken out the support level of 1.0141 and the lower triangle limit will cause a decline with the target at 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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