Support Levels: 1.0244, 1.0200, 1.0107
Resistance Levels: 1.0510, 1.0586, 1.0670
On a 4-hour timeframe the USD/CAD pair surged up, though it did not manage to fixate above 1.0500. For the moment, the testing of the upper limit of the declining channel is happening and a “Flag” is likely to be forming. If the breakthrough is successive, a rising movement till 1.0586 should be predicted with a further aim at 1.0670.
In case of the reversal, passing 1.0380 and EMA(55) will make the intraday outlook of the pair neutral. However, if the ascending movement keeps on, breaking through the support level of 1.0244 will make the wave targeted to 1.0107.
In a mid-term prospect, the currency pair is probable to have formed a low at 0.9930. Meanwhile, taking account of the bullish divergence on a daily and weekly MACD, the attitude to the pair remains bullish amid the recoil of the falling trend from 1.3063. It is expected that USD/CAD will upturn to Fibonacci correctional level of 38.2 from 1.3063 to 0.9929 at 1.1126 with a further target at Fibonacci correctional level of 61.8 at 1.1866.
_source!.png)
