FX.co ★ USD/CAD: false breakdown, aims at 1.3646

USD/CAD Buyers In Control!

The currency pair jumped higher in the last hours and now is located above the uptrend line again. Its failure to stay below it signaled only a false breakdown. The buyers are still strong, so as long as it stays above the uptrend line, the USD/CAD pair could resume its growth.

Technically, the uptrend line was seen as a downside obstacle. The 1.3563 former low represents a downside obstacle while the 1.3646 former high stands as an upside obstacle.

USD/CAD Trading Conclusion!

As long as it stays above the uptrend line, the USD/CAD pair should extend its growth. Jumping above 1.3646 upside obstacle validates an upside continuation and brings new buying signals.