The USD/CAD is holding firmly above its broken resistance at 1.0100 level, further upside movement might be expected. However, lack of the bullish steam seemed to exist during the last two week.
This exposed 1.0260 level, where a breakthrough allowed the rally towards 1.0300 level. Further 1.0350 level stands as the next possible upside target.
Last week we got some bearish rejection around 1.0300, which was followed by multiple days of indecision within the same consolidation range 1.0255-1.0330.
The most suggested scenario now is bearish; it is based on the daily closures we are getting, as long as the topping at 1.0340 remains unbroken.
It is important to mention that Friday's daily closure showed massive bullish rejection towards 1.0235 ending in formation of long tailed hammer candlestick.
On the other side, support is located around 1.0160 level, where a breakdown will target 1.0100 level.
The material has been provided by InstaForex Company - www.instaforex.com
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