FX.co ★ USD/CAD reached downtrend line again

USD/CAD upside reversal

The currency pair registered a strong growth in the short term, and now it has reached the downtrend line again. It's trading at 1.3495 at the time of writing. Technically, the downtrend line and the 1.3520 stand as upside obstacles.

As long as it stays under this line, the rate could drop again. Now, the rate turned to the downside after reaching the downtrend line.

USD/CAD trading conclusion

Jumping and stabilizing above the downtrend line and above the 1.3520 activates an upside reversal and could bring new buying opportunities. The 1.3470 previous high represents the immediate downside obstacle, dropping below it may announce a deeper fall.