Support levels: 0.9980, 0.9930, 0.9826
Resistance levels: 1.0385,1.0513, 1.0680
On a 4-hour chart the USD/CAD currency pair has successfully broken through the resistance level of 1.0160, and after pulled back slightly.
Recently, the currency pair was trapped in the range of 0.9980-1.0160. Because of the breakthrough of the important resistance level the viewpoint became bullish. If the uprising movement continues, then the growth with the target to 1.0385 is expected. The breakout of 1.0385 will mean that the rollback from 1.0680 finished and further increase should be expected.
On the other hand if the USD/CAD reverses and breaks through the mark of 0.9980, this will lead to the decline with the target to 0.9930.
In a midterm the consolidation from 1.0855 has not ended yet and another low should be awaited. Nevertheless, in case of the reversal the breakout of 1.0680 will confirm the end of consolidation and that the downside movement from 1.3063 is breached. In this case it is expected that the USD/CAD will move 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.
