FX.co ★ USD/CAD to rise to new highs

USD/CAD is trading higher at the 1.3223 level. It should resume the upward movement after jumping above the major downtrend line. I have told you before that the pair will maintain a bearish outlook as long as it stays below the downtrend line.

Yesterday's aggressive breakout of the downtrend line, dynamic resistance suggested that USD/CAD should develop a significant upwards swing. Personally, I am expecting the pair to resume its upward momentum as long it stays above the new uptrend line. A minor decrease could help us to buy this pair.

• USD/CAD Trading Tips

You could buy it if USD/CAD reaches another high and ijumps above the 1.3259 level or after a temporary decline. The price could decrease a little to test the 1.3137 static support level again and the uptrend line before jumping way higher.

1.3376 is seen as a potential upside target if USD/CAD resumes its bullish momentum.