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Since the USD/CAD pair failed to show enough bullish 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 between 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) where a prominent congestion zone was established.
As depicted on the chart, bullish rejection was expressed at retesting the lower limit of the bearish channel around 1.0630 (It's the origin of the previous bullish impulse initiated in December 2013 as well).
The USD/CAD pair has a strong resistance zone located between 1.0950 and 1.1020 (Fibonacci Levels 50% and 61.8% of the most recent bearish swing).
As we mentioned before, bearish rejection should be anticipated this week especially after such a long bullish rally that originated off 1.0650 and 1.0710.
Bearish rejection was manifested around the price level of 1.0970 (Fibonacci 50% level) where a Shooting-Star daily candlestick was expressed on Wednesday. Moreover, another bearish engulfing daily candlestick was expressed on Monday off the same levels (around 50% Fibonacci). This enhances the short-term bearish direction in the form of a double-top pattern on the 4H chart as well. Initial bearish target is located around 1.0825 where price action should be watched then.
On the other hand, daily fixation above 1.0950 (50% Fibonacci level ) enables the bulls to shoot towards 1.1020 and 1.1050 initially.
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