The USD/CAD pair has been under bullish pressures, since the 3rd of November 2015. The upward movement began from as low as 1.3039 to as high as 1.3305.
After a consolidation period marked between the levels of 1.3184 and 1.3140, during the course of the session on Thursday, the currency pair advanced aggressively today, rising up to 1.3305.
Taking into consideration that there is significant resistance above the 1.33 handle, the pair might pull back lower. In the event that the sellers force the price to break below 1.3202, the pair could decelerate down to 1.3171 and 1.3140 in extension.
In the opposite scenario, where the bulls keep exerting strong pressures and the push the price to break above the barrier of 1.3305, the pair could rise up to 1.3428.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.