Support levels: 1.0212, 1.0101, 1.0050
Resistance levels: 1.0388, 1.0511, 1.0569
At 4-hour graph the USD/CAD currency pair is consolidating after lowering to 1.0212. The view on the currency pair remains bearish, as the downward trend remains. In case of breaking through 1.0212 mark the downward movement is expectable with the target at 1.0101.
If the currency pair makes a turnout and breaks through the resistance level of 1.0369 and EMA(55), it will mean that the downtrend is overcome and the growth to 1.0511 should be expected.
In a midterm the USD/CAD currency pair continues the downside movement after forming a button at 0.9930. A breakthrough of 1.0680 will confirm the upside trend extension and that the downtrend from 1.3063 is won through. In this case it is possible the USD/CAD to move upwards to Fibonacci correction level 38.2 from 1.3063 to 0.9929 at 1.1126 with further target at Fibonacci correction level 61.8 at 1.1866.
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