Last week obvious bullish reaction was expressed towards 0.9930 (few pips above 0.9920 our mentioned entry level) which led to daily closure at 0.9978 which is above 50% Fibonacci Level around 0.9955 which was bullish signal.
The USD/CAD pair is now trading above 0.9955 level (50% Fibonacci), which has provided temporary support for the pair for this week. However, bullish consolidation above 0.9990 is required for more bullish domination.
The USD/CAD pair strongly rose last week pushing steadily above psychological barrier 1.0000. The upside move has been extending towards 1.0100 and the possibility of a bullish move remains valid unless 0.9920 - 0.9960 zone is broken.
Obvious bearish price action was seen around the price level of 1.0100, which is manifested in inverted "hanging-man" daily candlestick that gave us early indications that the bullish momentum has faded away. Hence, price action around 1.0100 should be watched carefully.
Support: 1.0010, 0.9960, 0.9920, and 0.9830.
Resistance: 1.0060, 1.0100, 1.0155, 1.0205, and 1.0270.