North American Session
The USD/CAD pair has been under bearish pressures since the 20th of January 2016, with the price declining from as high as 1.4686 to as low as 1.4113.
On Thursday, the pair fell from 1.4542 all the way down to 1.4226. Today, the pair initially consolidated for a while, before falling to 1.4111, the daily lows. In the event that the sellers keep pressing lower and the price breaks below 1.4113, profit targets could be set at 1.4034 and 1.3977 respectively.
On the flip side, in the scenario where the market encounters significant support below 1.4113 and the pair bounces back up, breaking above 1.4251, the price could escalate up to 1.4338 and 1.4402 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.