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 and the pair seems to be under negative pressure.
Last week we got some bearish rejection around 1.0300, which was followed by multiple days of indecision within the same consolidation range 1.0225-1.0330 until Friday when the pair gave obvious daily closure below 1.0220 which was followed by quick return above 1.0220 which is still holding until today.
The most suggested scenario now is bearish; as long as the topping at 1.0340 remains unbroken with SL as 4H closure above 1.0295.
Taking into consideration yesterday's daily closure, there is a risk for the pair to return to 1.0294 level where a breakthrough will aim at the 1.0340 level. A break of this level if seen will target the 1.0400 level
Returning to the bearish scenario, we find that by breakdown of the lower limit of the movement range at 1.0220, the USD/CAD pair will have 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.
