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USD/CAD Price Analysis: Dollar on fire, shoots to 4-year highs, breaking 1.1400 figure vs. CAD

  • USD/CAD is trading near levels last seen in January 2016. 
  • USD/CAD is breaking above the 1.1400 figure.
 

USD/CAD monthly chart

 
USD/CAD is soaring to levels not seen since January 2016 as the quote broke above 1.1400 figure. The oil collapse is driving the Canadian dollar down and USD/CAD up. Additionally, broad-based USD strength is pushing the currency pair higher.
 

USD/CAD four-hour chart

 
USD/CAD is having the largest spike in five years as buyers broke above the 1.3972/1.4000 resistance zone. The break above the above-mentioned level can see USD/CAD run extend to the 1.4219, 1.4322 and 1.4500 levels according to the Technical Confluences Indicator. Support can be expected near 1.4115 and 1.4060 levels.
 
Resistance: 1.4219, 1.4322, 1.4500
Support: 1.4115, 1.4060, 1.4000 
 
 

Additional key levels

 

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