The previous Support zone around 1.0900 (50%-61.8% Fibonacci Levels) provided considerable support at retesting on February 19 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 which is being tested now.
Until now there's no bullish price action being expressed.
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 as well as the upper limit of the depicted triangle.
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 1.0960 and 1.1150 within the depicted triangle. Bearish breakout of the lower limit of the triangle is more likely to occur.
The material has been provided by InstaForex Company - www.instaforex.com
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