FX.co ★ USD/CAD imminent upside breakout

USD/CAD extended sideways movement

The USD/CAD pair continues to move sideways in the short term. The price could resume its upwards movement after failing to make a new lower low. It was traded at 1.2752 level at the time of writing. Technically, after dropping below the uptrend line, USD/CAD was somehow expected to develop a strong downside movement.

Its failure to drop and stabilize below 1.2664 signaled that the buyers are still strong. The high of 1.2783 stands as an upside obstacle. Passing and stabilizing above it may signal further growth.

USD/CAD trading conclusion

The USD/CAD pair could extend its sideways movement in the short term. Jumping and stabilizing above the 1.2783 could announce further growth towards fresh new highs. This scenario could bring new buying opportunities.