Support levels: 1.0076, 0.9980, 0.9930
Resistance levels: 1.0385, 1.0511, 1.0680
At 4-hour chart, the USD/CAD currency pair continues to roll back from the resistance level of 1.0385. The breakthrough of EMA (55) has made the short-term viewpoint neutral. However, the further uprising movement is not excluded. If the USD/CAD breaches 1.0385, it will denote that the rollback from 1.0680 is over and further increase is expectable. The divergence of the MACD and RSI on a 4-hour graph confirms this fact.
If the USD/CAD continues to decline and breaks through the support level of 1.0076, then the decrease to 0.9980 with the next target to 0.9930 is expected.
In a midterm, the consolidation from 1.0855 has not finished yet and one more low should be awaited. Nevertheless, if the reversal takes place, then the breakout of 1.0680 will confirm the end of the consolidation as well as that the downtrend from 1.3063 is broken through. 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.
