The USD/CAD pair has been oscillating between the levels of 1.3392 and 1.3283 since the 27th of November 2015.
During the course of the day on Friday, the pair rallied from as low as 1.3283 to as high as 1.3375. Yesterday, the pair initially kept advancing up to 1.3392 to then plunge down to 1.3311. Today, amid disappointing US manufacturing PMI data and Canada’s economic grow at a 2.3% annual rate in Q3, the pair rallied from 1.3310 up to 1.3394. The price currently trades at 1.3364.
In case that the sellers gain enough momentum to push the price to break below 1.3352, as there is significant resistance above 1.3394, the pair could decelerate down to 1.3338 and 1.3326 in extension.
Conversely, in the scenario where the price keeps pushing higher and breaks above 1.3394, the pair could escalate up to 1.3435.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.