Support Levels: 1.0450, 1.0380, 1.0244
Resistance Levels: 1.0680, 1.0858, 1.0990
On a 4-hour chart the USD/CAD pair makes a reverse from the resistance level of 1.0680 after a strong uprise. If the growth of the pair keeps on and if this level is successfully broken, we should expect an ascend to 1.0858.
On the contrary, breaking through 1.0450 and EMA(55) will be a confirmation of a double high formation around the resistance level of 1.0680. Nevertheless, if the decline continues, the puncture of the support level 1.0380 will aim the pair at 1.0244.
In the mid term prospect USD/CAD is likely to have formed a bottom at 0.9930. Moreover, taking into account the bullish divergence on a daily and weekly MACD, the attitude to the pair remains bullish amid a decreasing trend recoil from 1.3063. USD/CAD is predicted to upmove to the level of Fibonacci correction 38.2 from 1.3063 to 0.9929 at 1.1126 with the next target at Fibonacci correctional level of 61.8 at 1.1866.