Support levels: 0.9820, 0.9711, 0.9650
Resistance levels: 0.9980, 1.0212, 1.0290
On a 4-hour graph the USD/CAD is bouncing off after refreshing a multi-month low. The viewpoint to the pair is still bearish as the downtrend remains. As mentioned before, the breakout of the 0.9890 support level allowed this pair to reach 0.9820 with 0.9711 as the next target.
Moreover, this breakout has provided certain interest to selling and quite significant interest to purchase from corporate market participants.
Nevertheless, if a reversal takes place and the USD/CAD breaks the 0.9980 resistance level, this will lead to upside motion with the target to 1.0212. Further breakout of 1.0380 will denote the end of a rollback from 1.0680 and that further advance should be expected.
In the midterm the breakout of the support level at 0.9930 indicated continuing midterm downtrend from 1.3063 (2009 high) with 0.9700 as a target. However, this downside movement is probably a correction, and strong support level is located near 0.9056-0.9700.
Thus, in case the reversal takes place, then the breakout of 1.0851 will confirm that the downtrend from 1.3063 is broken through. In this case it is expected that the USD/CAD will move upside to the resistance level at 1.1126 with 1.1866 as the next target.
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