The USD/CAD pair strongly rose last week pushing steadily above psychological barrier 1.0000. The upside move might extend during this week towards 1.0150 - 1.0235 zone and the possibility of a bullish move remains valid unless 0.9920 - 0.9960 zone was broken.
The trading range for this week is expected to be between key support around 0.9900 and key resistance around 1.0240.
Obvious bearish price action was seen around price levels of 1.0100 which is manifested in inverted "hanging-man" daily candlestick that gave us early indications that the bullish momentum has faded away, resulting in the depicted long RED daily candlestick of Tuesday.
Price Zone 1.0000 provided intraday support Yesterday. However, no obvious bullish momentum is present in the market, as we see yesterday's daily closure at 1.0013 after recording high at 1.0052.
Support: 1.0010, 0.9960, 0.9915, and 0.9830.
Resistance: 1.0050, 1.0120, 1.0155, 1.0205, and 1.0270
Recommendation: Based on the charts and analysis above, the best opinion is watching the price action around 1.0100 - 1.0150 to take a low risk SELL entry.
Buying the pair is recommended above 0.9920 targeting 0.9970, 1.0120 then 1.0205 and SL as 4H closure below 0.9900.
