The USD/CAD bulls are pushing towards new price levels (1.0980) that haven't been reached since September 2009 asMonetary market suspicions are being stressed byquite weak fundamental conditions in Canada.
The USD/CAD pair achieved multiple breakouts of several resistance levels, allowing the pair to push towards 1.1100 (hasn't been hit yet)
The next prominent resistance level is around 1.1230 corresponding to 50% Fibonacci Level of the depicted bearish movement between March 2009 and July 2011. Temporary resistance off the price level of 1.1000 is being expressed now.
The USD/CAD pair has a prominent supply zone at 1.0700 which represents the upper limit of consolidation range that got broken this month.
Yesterday, the bulls failed to hit 1.1000. On the other hand, the bears managed to express a shooting-star daily candlestick indicating a possible bearish retracement to take place.
On the downside, the price level of 1.0840 represents the most recent support level which held price above during bearish retracement that took place on Monday.
In case of breakdown of 1.0840, price zone 1.0740-1.0700 will be the next target for the bears.
