The price of the USD/CAD pair on the daily chart yesterday formed an impressive bullish candle thanks to strong US labor market data. As a result, it reached a significant resistance zone around 1.3940-1.3965. From here, a correction wave could potentially form right at the start of the next trading week. If we see further upside movement within the boundaries of the current ascending channel, I expect a move towards the key level of 1.4000. This level is liquid, and the upper channel boundary intersects there. It would be a good point to consider potential short positions for a reversal downwards with long-term targets around the 1.3500 level.
