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The depicted chart shows that the USD/CAD bulls failed to show enough bullish momentum above 1.1200. The bears took advantage to push the pair towards price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels).
Last week, the USD/CAD pair returned to test the previous support zone around 1.0900 (50% Fibonacci level) which previously provided a considerable support at retesting on February 19.
Daily closure below 1.0920 took place last Wednesday. However, it didn't take long time to get a bullish engulfing daily candlestick as a bullish reaction on the next day.
On the other hand, the price zone of 1.0990-1.1045 ( 38.2% Fibonacci of the most recent bearish swing ) is expected to provide a considerable resistance as well. This price zone corresponds to a recently established resistance zone as well.
Any further visiting will probably offer a valid sell entry with stop loss located just above 1.1080.
It's important to note that the 4H chart reveals bullish pressure being applied over this resistance zone around 1.1000 and there's little probability of bullish breakout.
The bullish Head and Shoulders pattern is being expressed with the multiple ascending bottoms being established. This may threatens our SELL entry level so bears should watch price action carefully and stick to the mentioned stop loss level.
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