FX.co ★ USD/CAD: upside reversal underway

USD/CAD New Uptrend!

The USD/CAD pair registered a strong growth in the short term and now is located at 1.3594 at the time of writing. As you can see on the H1 chart, it has jumped above 1.3565 and above the downtrend line signaling that the downside movement ended and that we may have an upside reversal.

Technically, the downtrend line and 1.3565 represented upside obstacles. Passing above these resistance levels announced that the downside movement ended and that we may have a reversal.

USD/CAD Trading Conclusion!

Breaking above 1.3565 and above the downtrend line is seen as a buying opportunity and announces a new uptrend.