FX.co ★ USD/CAD: downside reversal below 1.3601

USD/CAD Upside Seems Over!

The USD/CAD pair increased within an up-channel and now is trading at 1.3614. As you can see on the H1 chart, the price failed to make a new higher high (to jump above 1.3648) signaling exhausted buyers.

Now, it has dropped below the uptrend line indicating a potential downside reversal. Still, technically, the former low of 1.3601 represents a downside obstacle.

USD/CAD Trading Conclusion!

Dropping below 1.3601 confirms more declines and is seen as a selling opportunity.