Support levels: 0.9980, 0.9930, 0.9820
Resistance levels: 1.0263, 1.0385,1.0513
On a 4-hour graph the USD/CAD currency pair is pulling back from 1.0263 after it could not break this resistance level through. The short-term outlook is bullish, since the resistance level of 1.0160 is breached. If the upside movement continues then the advance to 1.0385 is expectable after a breakout of 1.0263. Further the breakthrough of 1.0385 will denote that the rollback from 1.0680 is over and the growth should be awaited.
On the other hand, if the USD/CAD reverses and breaks through the level of 0.9980, then 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 expected. Nevertheless, in case of the reversal the breakout of 1.0680 will confirm that the consolidation finished and that the downside trend from 1.3063 is breached. In this case it is predicted 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.
