The pair established a prominent top around 1.1220 that pushed the USD/CAD pair back to the previous congestion zone between 1.0850 and 1.0960.
This congestion zone provided a considerable support at retesting on February 19. This led again towards 1.1190 where the USD/CAD pair topped on February 21 expressing an Inverted Hammer daily candlestick as depicted on the chart.
In the long-term, the bullish demand expressed at 1.0960 is probably pushing towards 1.1235 corresponding to 50% Fibonacci.
Bearish rejection of the current levels will push the pair again towards 1.0950 then 1.0850 as initial targets. These levels also correspond to the depicted uptrend line that was initiated in September 2013, thus the market may offer a good BUY opportunity around 1.0900 with stop loss as daily closure below 1.0850.
On the other hand, daily fixation above 1.1235 will probably open the way towards the next resistance level around 1.1650 which corresponds to 61.8% Fibonacci which is prominent on the weekly chart.
The material has been provided by InstaForex Company - www.instaforex.com
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