Support levels: 1.0075, 0.9980, 0.9930
Resistance levels: 1.0385, 1.0511, 1.0680
At 4-hour graph the USD/CAD currency pair has successfully broke through the support level of 1.0160. Now the decline to 1.0075 with the next target at 0.9980 should be expected. However, if the mark of 1.0075 is not breached, then the rebound upwards and further consolidation are expectable.
If the USD/CAD reverses, then the breakout of 1.0385 will mean that the rollback from 1.0680 is over and further advance should be taken into account. The divergence on the MACD and RSI on 4-hour chart comes in favor of this situation.
In a midterm the consolidation from 1.0855 has not finished yet and another low is awaited. Nevertheless, in case of the reversal, the breakthrough of 1.0680 will confirm the end of consolidation and that the downtrend from 1.3063 is breached. In this case it is expected that the USD/CAD will move upwards to the Fibonacci correction level 38.2 from 1.3063 to 0.9929 at 1.1126 with the next target at Fibonacci correction level 61.8 at 1.1866.
