Since the USD/CAD bulls failed to show enough momentum above 1.1200 during the last visit on March 20, the pair has been down trending within the depicted bearish channel which managed to push towards price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) for few times.
Although previous daily closure below 1.0920 took place, it didn't take long time to get a bullish engulfing daily candlestick as a bullish reaction on the next day pushed the pair again towards 1.1000.
Later on, the price zone of 1.0875-1.0830 (extending down to 61.8% Fibonacci level and the lower limit of the ongoing movement) provided significant bullish pressure.
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 visit towards 1.0940 (the upper limit of the ongoing congestion zone) took place shortly after as we mentioned in previous articles.
As we see, the pair is facing temporary resistance around these levels. A bearish corrective movement is expected to take 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 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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