Support Levels: 1.0380, 1.0244, 1.0200
Resistance Levels: 1.0586, 1.0670, 1.0858
On a 4-hour timeframe USD/CAD has succeeded to break the upper border of the declining channel. At the moment the pair is consolidating around the resistance level of 1.0586, after a break though it an upturn with a further target of 1.0670 should be expected.
In case of the reversal, the puncture of 1.0380 and the EMA(55) will make the intraday attitude to the currency pair neutral. However, if the decrease continues, the break through the support level of 1.0244 will aim the currency pair at 1.0107.
in a mid term prospect, USD/CAD is likely to have formed a bottom at 0.9930. Meanwhile, taking into account the bullish divergence on a daily and weekly MACD, the outlook of the pair remains bullish against the background of the descending trend reverse from the mark of 1.3063. It is foreseen that USD/CAD will ascend to Fibonacci correctional level of 38.2 from 1.3063 to 0.9929 at 1.1126 with the next target at Fibonacci correctional level of 61.8 at 1.1866.
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