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 solid resistance around 1.0910-1.0950 that was able to pause the ongoing bullish momentum.
The pair was trapped within the depicted congestion zone until bearish breakout occurred to the bearish side of the market.
Bearish projection targets are located around 1.0725, then probably 1.0685 is going to be hit (the lower limit of the ongoing bearish channel ).
Bullish price action will probably originate at retesting of 1.0685-1.0700 which is the origin of the previous bullish impulse initiated in December 2013.
The material has been provided by InstaForex Company - www.instaforex.com
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