Support levels: 0.9980, 0.9930, 0.9820
Resistance levels: 1.0263, 1.0385,1.0513
At a 4-hout chart the USD/CAD is rolling back from 1.0236, having broken through the support level of 1.0160. Recently, the currency pair was traded in a range of 0.9980 – 1.0162. Since the important resistance level is broken through the viewpoint became bullish. As it was mentioned before, if the uprising motion continues then the advance with the target to 1.0385 is expected. The breakout of 1.0385 will denote that the rollback from 1.0680 ended and further growth should be expected.
On the other hand if the USD/CAD reverses and breaks through the mark of 0.9980, this will lead to the decline with the target at 0.9930.
In a midterm the consolidation from 1.0855 has not finished yet and another low should be expected. Nevertheless in case of the reversal the breakout of 1.0680 will confirm the end of consolidation and that the downside trend from 1.0363 is breached. In this case it is forecasted that the USD/CAD will move upside 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.