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Overview:
Price levels around 1.0620 (corresponding to the lower limit of the channel) initiated the current strong bullish swing on July 2.
A bullish breakout off the movement channel took place in August. Since then, following short time of sideway movements, the pair has been trending-up within the depicted bullish channels.
Bulls were pushing towards the upper limit of the movement channel (1.1370) in mid-October. Immediate bearish rejection was expressed as anticipated after such a long bullish swing resulting in a bearish correction towards 1.1200.
4H fixation below 1.1230 - 1.1210 ( 50% Fibonacci level ) temporarily allowed bears to push towards 1.1100 ( the lower limit of the bullish channel ) where bullish recovery was expressed.
Recently, bulls have pushed further above price level of 1.1400. However, the upper limit of the movement channel was located around 1.1470 where bearish rejection was anticipated.
Despite the temporary bullish SUPPORT offered around price level of 1.1275, the USD/CAD pair continued trending-down towards 1.1220 ( Significant Fibonacci Level and the lower limit of the ongoing channel ) as anticipated in previous articles.
Recommendations:
On the 4H chart, price level of 1.1320 should be watched for price action. It corresponds to the upper limit of the current congestion zone as well as the upper limit of the movement channel. An Intraday SELL entry off this price level can be offered at retesting.
A low-risk bullish position was offered around 50% Fibonacci (Price level of 1.1220). Target levels should be set at 1.1270 and 1.1320. Stop Loss should be set as daily closure below 1.1200.
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