Support levels: 0.9980, 0.9930, 0.9826
Resistance levels: 1.0100, 1.0160, 1.0385
The USD/CAD currency pair rebounded from the support level of 0.9980. In whole, the USD/CAD is continuing to consolidate near multi-month highs. If the uprising movement continues, then the breakout of the resistance level of 1.0160 will target the pair at 1.0385. The breakthrough of 1.0385 will denote that the rollback from 1.0680 ended and further growth should be expected.
If the USD/CAD breaks down the level of 0.9980, this will lead to the decline with the target at 0.9930.
In a midterm the consolidation from 1.0855 has not finished yet and another low should be expected. Nevertheless, in case of the reversal, the breakout of 1.0680 will confirm the end of the consolidation and that the downtrend from 1.3063 is breached. In this case it is predicted that the USD/CAD moves upside to the Fibonacci correction level 38.2 from 1.3063 to 0.9929 at 1.1126 with the next target to the Fibonacci correction level 61.8 at 1.1866.
