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

 

 

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 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.