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Fresh highs (around 1.1220) have been recently touched after long-time absence.
Recently, USD failed to keep its gains against CAD, and the USD/CAD pair was pushed to the downside indicating weakness of the ongoing bullish momentum.
It's important to note that the pair has an established consolidation zone between 1.0850 and 1.0960. This renders the zone as a support area that provided considerable support at retesting on February 19.
On the other hand, the nearest resistance zone is located around 1.1230-1.1250 corresponding to the 50% Fibonacci level of the bearish swing that extended between March 2009 and July 2011.
This week, an inverted hammer daily candlestick was expressed off retesting of 1.1111 indicating a possible corrective bearish impulse probably towards 1.0960 again.
The hourly chart reveals a reversal Head and Shoulders pattern at 1.1170 - 1.1200.
This pattern becomes confirmed on bearish breakdown of 1.1100 to be targeting at 1.1020-1.1000.
Bearish breakdown of the ongoing bullish channel was witnessed yesterday as well. Initial targets are located at 1.1000.
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