The USD/CAD pair registered a strong upward movement after ending its temporary decline. As I have mentioned in my previous analysis, the currency pair could climb higher towards fresh new highs and the decline could be only a temporary one.
The price failed to reach and retest the downtrend line, thus signaling strong upside pressure. Now it has jumped above the 1.2468 former high, confirming potential further growth.
USD/CAD Trading ConclusionThe current aggressive breakout through 1.2468 validates an upside continuation and helps buyers place new buying positions. Still, in the short term, USD/CAD could slip lower, it could come back to test and retest the 1.2468 level before resuming its upwards movement towards fresh new highs.