FX.co ★ USD/CAD

During yesterday’s rise in the USD/CAD pair, buyers still managed to drag the price up to the projected resistance level around 1.4233, but they failed to break through it, even though volumes were quite high and gradually increasing. Against the backdrop of a lack of further growth, this looks like weakness on the part of the bulls. There are simply too many limit sell orders accumulated around the indicated level, and it won’t be easy to break through them. Overall, my priority is selling, so for USD/CAD today I’ll be looking for further strengthening of the Canadian dollar and a decline toward the targets at the nearest projected support level of 1.4190, with a possible move below it.