The USD/CAD pair has been trading upwards since the 4th of February 2016, with the price rising from as low as 1.3640 to as high as 1.4012.
On Thursday, the pair gained 0.45% to trade at 1.3989 during the early US session as oil prices fell to a three-week low below $28 a barrel on Thursday. In the event that the buyers keep pushing the pair higher and the price breaks above 1.4109, profit targets could be set at 1.4243.
On the flip side, in the scenario where the sellers force the pair lower, breaking below 1.3873, the price could decelerate down to 1.3819 and 1.3749 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.