Previous congestion zone around 1.0900 provided a considerable support at retesting on February 19. This led again towards 1.1190 where the USD/CAD pair established a consolidation zone between 1.0960 and 1.1190.
The depicted chart shows that the USD/CAD bulls didn't apply enough bullish momentum above 1.1200. As expected, this exposed price zone of 1.1000-1.1020 as a sign of bearish domination.
In case the current support doesn't hold price above, the next support zone to meet the pair is located at 1.0920-1.0840 which comes to meet significant Fibonacci levels of the recent bullish swing.
It's expected to provide a considerable bullish pressure.
On the other hand, the price zone of 1.1130-1.1150 is expected to provide a considerable resistance as well. This price zone corresponds to the previous tops established on March 12, February 21, and January 30. Any further visiting will probably offer a valid sell entry with stop loss located just above 1.1185.
The pair remains trapped between the price levels of 1.1000 and 1.1150 within the depicted triangle until breakout takes place in either direction.
Bearish breakout is more likely to occur.
The material has been provided by InstaForex Company - www.instaforex.com
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