The USD/CAD pair has been moving sideways within the almost transverse channels depicted on the chart.
On the long-term scale, Fibonacci level 50% is located at the price level of 1.0120 and 61.8% is located at 1.0045 which were considered to be strong support levels. However, 1.0120 (50% Fibonacci) has been broken down last week after finding bearish rejection around 1.0230.
Price zone 1.0000-1.0015 corresponding to the lower limit of the Blue & Violet channels and the mid-line of the Yellow one has expressed significant bullish reaction one hour ago allowing the USD/CAD pair to close above 1.0045
Trading above 1.0045 brings bullish strength into the market towards TP levels around 1.0085, 1.0105 and 1.0160.
Breakdown of 1.0000 invalidates the bullish scenario.
