FX.co ★ USD/CAD downside movement could be over soon

USD/CAD downtrend

The USD/CAD pair registered a strong downside movement and now is about to reach 1.2460 which represents a downside obstacle. As you can see on the H4 chart, the price stopped at this level in the past, that's why we could expect a potential growth after reaching it.

Still, the downside pressure remains high as long as the pair stays under the downtrend line. Staying below the downtrend line and dropping below 1.2460 may confirm more declines.

USD/CAD trading conclusion

Staying above 1.2460 and passing above the downtrend line could announce that the downside movement is over and that the buyers could push it higher again.