Last week, the USD/CAD pair returned to test the previous support zone around 1.0900 (50% Fibonacci level) which previously provided a considerable support at retesting on February 19.
The depicted chart shows that the USD/CAD bulls failed to show enough bullish momentum above 1.1200. This exposed price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels).
Daily closure below 1.0920 took place on Wednesday. However, it didn't take long time to have a bullish engulfing daily candlestick as a bullish reaction on the next day.
On the other hand, the price zone of 1.0970-1.0990 is expected to provide a considerable resistance as well. This price zone corresponds to the recently established resistance zone. It corresponds to previous multiple daily lows.
Any further visiting will probably offer a valid sell entry with stop loss located just above 1.1035.
The material has been provided by InstaForex Company - www.instaforex.com
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