Since the USD/CAD bulls failed to show enough momentum above 1.1200 during the last visit on March 20, the pair has been downtrending within the depicted bearish channel which managed to push towards the price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) for few times.
The market has shown a significant bullish recovery around 1.0830 (bullish engulfing daily candlestick) aiming to push higher towards 1.0910-1.0950 where significant bearish pressure was previously applied on March 21.
As expected, a bullish impulse towards 1.0940 (the upper limit of the ongoing congestion zone) was executed shortly after, as we expected.
As we see, the pair is facing temporary resistance around these levels that was able to pause the ongoing bullish momentum.
A bearish corrective movement is probably taking place towards 1.0900 and 1.0888 ( depicted on the 4H chart ) to collect more buyers to allow a bullish breakout above 1.0950 to take place after such a long bullish rally that took place after bullish breakout above the depicted bearish channel happened.
The material has been provided by InstaForex Company - www.instaforex.com
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