Support levels: 1.0050, 1.0000, 0.9930
Resistance levels: 1.0188, 1.0385, 1.0511
On a 4-hour chart, the USD/CAD continued to decline and successfully breached the support level of 1.0101. It is expected, the currency pair will test the support level of 0.9930 soon. The breach of the mark 1.0178 means that the downward movement with 1.0680 continues and the decline to 0.9930 should be expected.
However, if the USD/CAD reverses and breaks through the resistance level of 1.0188, then the viewpoint on the currency pair will maintain neutral. Nevertheless, the breach of the resistance level of 1.0385 will lead to the upward movement to 1.0511.
In a midterm, the USD/CAD continues to move up after it formed a bottom at 0.9930. The breakthrough of 1.0680 will confirm the uptrend and that the downtrend with 1.3063 is breached. In this case, it is expected the USD/CAD will go up to Fibonacci correctional level 38.2 from 1.3063 to 0.9929 at 1.1126 with next target to Fibonacci correctional level 61.8 at 1.1866.
