Support levels: 1.0188, 1.0101, 1.0050
resistance levels: 1.0385, 1.0511,1.0569
On a 4-hour chart, the USD/CAD currency pair consolidating after it lowered to the support level of 1.0188. At present, the view on the currency pair is neutral. The fact that USD/CAD breached the resistance level of 1.0360 probably denotes that the rollback from 1.0680 is over. Nevertheless, this viewpoint will be confirmed only if the pair breaks through the mark of 1.0385. In this case, the upward movement with the target to 1.0511 is expected. The divergence of the MACD confirms the uprising movement.
However, if the pair breaks through the support level of 1.0188 this will mean that the breach of the resistance level of 1.0360 was false the downward trend to 1.0101 should be expected.
In a midterm, USD/CAD continues to move up after it formed a bottom at 0.9930. The breakthrough of 1.0680 will confirm the upward movement and that the downtrend with 1.3063 is breached. In this case, it is expected that USD/CAD will move up 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.
