The USD/CAD pair has been moving upwards, since the 15th of October 2015, with the buyers leading the price from as low as 1.2821 to as high as 1.3158.
On Wednesday, the pair rose aggressively from 1.3015 up to 1.3111, and subsequently stabilized between the levels of 1.3115 and 1.3143.
In the scenario that the sellers manage to gain momentum, they could force the pair to break below the level of 1.3034 and the price to decelerate down to 1.2995 and 1.2955 in extension.
In the opposite scenario, where the buyers manage to resume their upward pressures and the price breaks above the level 1.3158, the price could escalate up to 1.3233.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.