This week, the USD/CAD pair has returned to test the previous Support zone around 1.0900 (50% Fibonacci Level ) which 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 show enough bullish momentum above 1.1200. This exposed price zone of 1.0910-1.0850 ( 50-61.8% Fibonacci levels ). 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 1.0830 which comes to meet significant Fibonacci level of the recent bullish swing. It's expected to provide a considerable bullish pressure.
On the other hand, the price zone of 1.1010-1.1030 is expected to provide a considerable resistance as well. This price zone corresponds to the recently broken consolidation zone hence a resistance area.
Any further visiting will probably offer a valid sell entry with stop loss located just above 1.1060.
The material has been provided by InstaForex Company - www.instaforex.com
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