FX.co ★ USD/CAD: uptrend seems over

USD/CAD Strong Drop!

The USD/CAD pair registered a massive drop after failing to stabilize above 1.3772. You knew from my previous analysis that the price could resume its uptrend as long as it stays above the uptrend line which represented a downside obstacle.

Now, it has dropped below the uptrend line signaling that the upwards movement ended and that USD/CAD could give birth to a downside movement.

USD/CAD Trading Conclusion!

After dropping below the uptrend line and through 1.3662, these turned into upside obstacles. In the short term, USD/CAD could come back to test and retest these levels before extending its downside movement.

As long as it stays under 1.3662, it could approach and reach new lows.