Support levels: 1.0058, 1.0000, 0.9930
Resistance levels: 1.0230, 1.0385, 1.0511
On a 4-hour chart, the USD/CAD pair again moves downwards with the target to the nearest support level of 1.0058. As it was mentioned before, the breach of the support level of 1.0178 denotes that the downtrend from 1.680 continues and the decline to 0.9930 should be expected.
However, if the USD/CAD breaks through the resistance level of 1.0230, then the viewpoint will be neutral. Further, 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 advance after it formed a bottom at 0.9930. The breakthrough of 1.0680 will confirm the uptrend and that the downside trend from 1.3063 is broken down. In this case, it is expected that the USD/CAD will move up to Fibonacci correctional level 38.2 from 1.3063 to 0.9929 at 1.1126 with the next target to Fibonacci correctional level 61.8 at 1.1866.
