FX.co ★ USD/CAD: downtrend over

USD/CAD 1.3220 As Upside Obstacle!

The USD/CAD pair is located at 1.3192 at the time of writing and it seems determined to jump higher after escaping from the down channel. As you can see on the H1 chart, the rate failed to approach and reach the downside line again, signaling exhausted sellers.

Now, it has jumped and stabilized above the downtrend line indicating an upside reversal. Technically, the price validated the breakout by testing and retesting the downtrend line.

USD/CAD Trading Conclusion!

The former high of 1.3220 represents an upside obstacle. Jumping and stabilizing above it should announce a larger growth and is seen as a new buying opportunity.