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.
The USD/CAD pair found temporary resistance around 1.0910-1.0950 that was able to pause the ongoing bullish momentum.
As expected, a bearish corrective movement took place towards 1.0875-1.0800 ( depicted on the 4H chart ) to collect more buyers to allow a bullish breakout above 1.0950 to take place.
Bullish recovery can be seen around 1.0800 which is manifested in a "double-bottom" pattern being established on the 4H chart.
4H fixation above 1.0875 confirms the pattern exposing price levels around 1.0950 shortly after.
The material has been provided by InstaForex Company - www.instaforex.com
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