FX.co ★ USDCAD still respects the long-term upward sloping trend line.

USDCAD is trading around 1.2638 having made a low around 1.2585. A few days ago price was making a high at 1.2786. In our zoomed out view price continues to trade above the key upward sloping support trend line coming from June 2021 1.20 lows.

Each time price approached the blue trend line, it was a chance for traders to join the bullish side. As long as price continues to respect the blue trend line, we should continue favoring buying the pull backs as close to the blue trend line as possible. The support trend line is now at 1.2540, so as long as we trade above this level, we remain optimistic for new higher highs.