FX.co ★ Technical analysis of the USD/CAD for December 3

Support levels: 0.9980, 0.9930, 0.9830
Resistance levels: 1.0290, 1.0380, 1.0513

On a 4-hour graph the USD/CAD fell strongly having broken down the support level of 1.0079. Next key support is placed at 0.9980. However, the pair probably will rebound to up near this level. Last month the USD/CAD failed to break through the parity level. Nevertheless, this time the probability of the successful breakout cannot be excluded.
As of now, the viewpoint is neutral, since the USD/CAD came back to the range of 0.9980-1.0079. If the USD/CAD reverses then the breakthrough of 1.0290 will lead to the uprising movement with the target to 1.0380. The breakout of 1.0380 will mean that the rollback from 1.0680 is over and further increase should be expected.
In a midterm the currency pair will probably remain within the limits of its wide range between 1.0000 and 1.0750-1.0850. In case of the reversal the breakthrough of 1.0680 will confirm the end of consolidation and that the downtrend from 1.3063 is breached. In this case it is forecasted that the USD/CAD will rise 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.