FX.co ★ USD/CAD: upside reversal already in play

USD/CAD Minor Retreat!

The USD/CAD pair registered strong upside movement, so a temporary drop is somehow expected and natural. You knew from my previous analysis that passing above the downtrend line and above the 1.2665 could announce further growth.

1.2756 today's high represents an upside obstacle. In the short term, the price could drop a little before resuming its growth. A minor drop could attract more buyers.

USD/CAD Trading Conclusion!

As long as it stays above the 1.2665 and above the downtrend line, the pair could resume its growth. Coming back towards 1.2665 could bring new buying opportunities. Also, passing and stabilizing above 1.2756 could activate further growth.