The USD/CAD pair strongly rose last week pushing steadily above psychological barrier 1.0000. The upside move has been extending towards 1.0100 and the possibility of a bullish move remains valid unless 0.9920 - 0.9960 zone was broken.
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, then the same scenario was repeated on Wednesday and Thursday recording low at 0.9957.
Yesterday price zone 0.9950 provided Intraday support which pushed the pair for about 45 pips higher.
Support: 0.9960, 0.9915, and 0.9830.
Resistance: 1.0010, 1.0050, 1.0120, 1.0155, 1.0205, and 1.0270.
Recommendation:
Buying the pair is recommended above 0.9920 (backside of the broken downtrend line) targeting 0.9970, 1.0120 then 1.0205 and SL as 4H closure below 0.9900.
