Support levels: 1.0188, 1.0101, 1.0050
Resustance levels: 1.0360, 1.0511,1.0569
After USD/CAD pair declined below the support level of 1.0212 it bounced back to the resistance level of 1.0360. Nevertheless, the view on the currency pair remains bearish, as the downside trend takes place. In case the mark 1.0188 is broken through with the target at 1.0101, where the upside hike is expected.
If the currency pair breaks through the resistance level of 1.0360, it will mean that the downside trend is overcome and that we should wait for growth to 1.0511.
In a midterm, the USD/CAD pair continues the upward movement after forming a bottom at 0.9930. A breakthrough of 1.0680 will confirm the upward trend as well as the downward trend with 1.3063 is broken though. In this case, it is expected that the USD/CAD pair will move up to Fibonacci correction level 38.2 from 1.3063 to 0.9929 at 1.1123 with the next target at Fibonacci correction level 61.8 at 1.1866.
