TechnoMeter

Daily price is on bullish market condition to be located above 200-day SMA/100-day SMA area for the ranging within Fibo support level at 1.3638 and 50.0% Fibo resistance level at 1.4160:

• "The Canadian Dollar has been a volatile currency across the board. Now, USD/CAD implied volatility over 1-month has reached the highest levels since November 2011. This expected volatility means uncertainty is high even with Oil breaking below the January 20 lows."
• "Now the focus turns to what is driving the Canadian Dollar across the board as well as against the US Dollar. The US Dollar has been hard hit, and the ~ 1,000-pip fall in USD/CAD could turn the attention of the Bank of Canada back toward potential easing policy. Such a move would likely be due to a stronger relative Canadian Dollar, which hurts exports; alongside weak Oil that continues to put pressure on the energy portion of the economy will likely pressure economic growth."
• "If USD/CAD is not supported by the 100-DMA at 1.3568, a broader view of US Dollar downside would be favored. However, returning to the first level of focus higher at 1.4101, if that level is taken out the next levels of resistance is the 21-DMA at 1.4139 followed by the late January corrective high of 1.4324."

If the price will break Fibo support level at 1.3638 so the secondary correction will be re-started with the ranging condition up to the possible reversal of the price movement to the primary bearish market condition.
If the price will break 50.0% Fibo resistance level at 1.4160 from below to above so the primary bullish trend will be continuing with the secondary ranging condition.
If not so the price will be ranging within the levels.

Trend:
D1 - ranging bullish


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