Support levels: 1.0076, 0.9980, 0.9930
Resistance levels: 1.0385, 1.0511, 1.0680
At a 4-hour chart, the USD/CAD rolls back from the resistance level of 1.0385. Nonetheless, the breakthrough of 1.0190 and EMA (55) has made the viewpoint on the currency pair bullish. If the USD/CAD breaks through 1.0385 it will denote that the rollback from 1.0680 is over, and the further advance should be expected. The divergence on MACD and RSI on 4-hour graph comes in favor of this.
If the USD/CAD reverses and overcomes the support level of 1.0076, then the downside movement to 0.9980 is expected with the next target at 0.9930.
In a midterm, the consolidation from 1.0588 has not finished yet and one more low should be expected. Nevertheless, if a turnout takes place then the breakout of 1.0680will confirm that consolidation is over and that the downtrend from 1.3063 is broken through. In this case, it is forecasted that the USD/CAD will move up to Fibonacci correctional level 38.2 from 1.3063 to 0.9929 at 1.1126 with further target at Fibonacci correctional level 61.8 at 1.1866.
