The USD/CAD is holding firmly above its broken resistance at 1.0100 level. However, lack of the bullish steam seemed to exist during the last two weeks.
Last week we got some bearish rejection around 1.0300, which was followed by multiple days of indecision within the same consolidation range 1.0255-1.0330.
The most suggested scenario now is bearish; it is based on the daily closures we are getting, as long as the topping at 1.0340 remains unbroken.
It is important to mention that Friday's daily closure showed massive bullish rejection towards 1.0235 ending in formation of long tailed hammer candlestick.
By breakdown of the lower limit of the movement range at 1.0220, the USD/CAD pair will be having a projection target at 1.0110.
On the other side, it is important to note that support is located around 1.0160 level, where a breakdown will allow movement towards 1.0100 level to take place.
