Support levels: 1.0079, 0.9980, 0.9930
Resistance levels: 1.0266, 1.0380,1.0513
On a 4-hour graph the USD/CAD again rebounded from the resistance level of 1.0266. Nevertheless, the rollback was limited by EMA (55), which probably points to dominancy of bulls. At present, the viewpoint is neutral. As it was mentioned before, the breakout of 1.0266 will lead to the upside movement with a target to 1.0380. Further, the breakthrough of 1.0380 will mean that the rollback from 1.0680 is over and the growth should be expected.
On the other hand, if the USD/CAD continues to decrease and breaks through the level of 1.0079, then this will lead to falling with the target to 0.9980, where the rebound to up is expectable. In a midterm the consolidation from 1.0855 has not ended yet and another low is awaited. However, 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 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 to the Fibonacci correction level 61.8 at 1.1866.
