Support levels: 0.9980, 0.9930, 0.9826
resistance levels: 1.0100, 1.0160, 1.0385
On a 4-hour graph the USD/CAD currency pair is continuing to move sideways. Recently the USD/CAD is traded in the range between 0.9980 – 1.0160.
At present, the currency pair rebounds after it could not break through the support level of 0.9980. If the uprising movement continues then the breakout of the resistance level of 1.0160 will target the currency pair to 1.0385. Further the breakthrough of 1.0385 will mean that a pullback from 1.0680 has finished and further increase should be expected.
If the USD/CAD reverses and breaks out the level of 0.9980 it will lead to the decline with the target to 0.9930.
In a midterm, the consolidation from 1.0855 has not finished yet and another low is expectable. Nevertheless, in case of the reversal the breakout of 1.0680 will confirm that the consolidation ended and that the downtrend from 1.3063 is breached.
In this case it is forecasted 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 to the Fibonacci correction level 61.8 at 1.1866.
