The USD/CAD pair is demonstrating a continuation of the Flag Pattern after the long bullish swing initiated around the price level of 0.9797 on the 1st of May, which is expected to reach the target of 1.0360 then 1.0450 as initial targets for the pattern, when it is confirmed by breakthrough above Price Level of 1.0310.
Since June 4, the USD/CAD pair movement is maintained within the midterm slightly bearish depicted channel with its upper limit located around 1.0300.
Fibonacci level 50% and 61.8% are located at Price levels of 1.0120 and 1.0045 respectively which are regarded as strong Support levels for USD/CAD which are expected to constitute a proper BUY entry with SL located below 1.0030.
During last week, USD/CAD has been trapped within a narrow-ranged price zone between 1.0170-1.0230, the upper limit of which prevented further upside movement of the pair showing bearish price action which pushed the pair to the downside breaking-down the lower limit of the consolidation range as well.
On the short-term Price level of 1.0120 constitutes an Intraday Support which is expected to push USD/CAD to the upside towards 1.0200 then 1.0250 with SL below 1.0080.
Price zone between 1.0270-1.0290 should be carefully watched for price action in order to take a profitable trade at this key level.
If you like my articles, please vote for me in Analyst of the Year Contest by clicking here.
