The USD/CAD pair has been trading downwards since Thursday, the 24th of March 2016, with the bears leading the price from as high as 1.3296 to as low as 1.3031.
With the opening of today’s session the pair price trade at 1.3072 and currently trading at 1.3043. In the event that the bears manage to force the price even lower and reach the level of 1.3009, the pair could find support at 1.2923.
On the flip side, in the scenario where the price breaks above the level of 1.3133, the pair could escalate up to 1.3232 and 1.3296 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.