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The bulls have managed to reach new price levels (around 1.1170) that haven't been reached since 2009.
Temporarily, USD failed to keep its gains against CAD, and the USD/CAD pair was pushed to the downside until Monday when another bullish impulse was initiated on retesting of 1.1030 resulting in a daily bullish engulfing candlestick.
The pair has a significant support zone between 1.0700 and 1.0750 representing the upper limit of consolidation range that got broken this month. Re-testing of this zone will probably provide a valid BUY entry for the mid-term.
The next prominent resistance level is located around 1.1230 corresponding to 50% Fibonacci level of the bearish movement that had been extending since March 2009 and ended in July 2011.
The pair was pushed strongly to the upside after the bullish rejection was expressed at the uptrend line that came to meet the pair around 1.0650.
This was followed by a bullish breakout above 1.0720 (previous triple-top resistance).
During the last two days of the last week, the Shooting Star daily candlestick was expressed at retesting of 1.1090 on Thursday, and then another bearish candlestick was expressed on Friday indicating lack of bullish momentum there.
On Monday, another bullish impulse was initiated on retesting of 1.1030 resulting in a daily bullish engulfing candlestick. The pair is probably heading towards 1.1230 in the intermediate term.
A prominent support zone is located at 1.0960-1.0900. Any further retesting may offer a valid BUY entry with SL as a daily closure below 1.0900.
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