FX.co ★ USD/CAD: upside breakout in cards

USD/CAD Downside Seems Over!

The USD/CAD pair turned to the upside after failing to stabilize below the down channel's downside line. Now, it's almost to reach the downtrend line which represents a dynamic upside obstacle. As you already know, the 1.3744 former high stands as an upside obstacle as well.

You knew that only dropping and stabilizing below 1.3503 activates a larger downside movement. As long as it stays above this level, the currency pair could come back higher.

USD/CAD Trading Conclusion!

Jumping and stabilizing above the downtrend line and above 1.3744 really confirm that the downside movement ended and that the price could come back higher at least towards the 1.3925 higher high. This scenario helps the buyers to jump into the market again as USD/CAD could approach and reach new highs.