Earlier on a 4-hour chart USD/CAD has developed a Hammer candlestick, which is signaling about an upward tendency.
This candlestick formed on a downward trend after the currency pair had achieved a low of 1.0300, where the bears did not managed to fixate and the bulls became active.
If Fibonacci correctional level of 23.6 is broken through, it will mean that this viewpoint is correct one. In this case an increase to the area of the resistance level of 1.0511 is awaited, where Fibonacci correctional level of 61.8 is also placed.
On the other hand, if the support level of 1.0300 is breached, long positions should be closed, as it will cause a drop to 1.0244 with the next target at 1.0101.