The US Dollars had been fighting over the Canadian Dollars’ value over the last month. There had been some points where the Canadian currency was higher than the US. However starting last week, the US was able to stand ground and stabilize its value among the major currencies.
The chart shows the USD against the CAD tapping 1.04 earlier which is the resistance of its downtrend (yellow line) in the daily chart. Still, we can’t tell if a penetration can occur soon and the currency to continue to head up. At the very least, the current sign I can see right now is an overbought level in the stochastic which inclines me to bet on the downside in the short term.