Support levels: 0.9980, 0.9930, 0.9826
Resistance levels: 1.0100, 1.0160, 1.0385
The USD/CAD currency pair could not break through the support level of 0.9980 and rebounded to 1.01. If the uprising movement continues, then in case the level of 1.0160 is broken out the upwards motion with a target at 1.0385 is expectable. Further, the breakout of 1.0385 will denote that a pullback from 1.0680 is over and advance should be awaited. If the USD/CAD breaches the support level of 0.9980, this will lead to the decline with a target at 0.9930. However, in case the testing of this mark fails the rebound to upside should be expected.
In a midterm the consolidation from 1.0855 has not ended yet and another low is expectable. Nevertheless, in case of the reversal the breakout of 1.0680 will confirm that the consolidation finished and that the downtrend from 1.3063 is broken through. In this case we expect that the USD/CAD will move up to the Fibonacci correction level 38.2 from 1.3063 to 0.9929 at 1.1126 with the next target to the Fibonacci correction level 61.8 at 1.1866.