FX.co ★ USD/CAD Becomes A Buy Soon

USD/CAD has turned to the upside again after failing to stabilize inside of the descending channel's body. The current breakout above the downtrend line could lead the rate higher towards new highs.

The USD grows in the short term as the US Dollar Index increases as well. It's trapped between 1.2620 and 1.2801 levels but an upside breakout signals a larger upwards movement.

Trading Conclusion!

The current breakout seems a decisive one signaling that USD/CAD could develop an uptrend. Its failure to retest the downtrend line in the last attempt signals strong buyers.

A first buying opportunity could be signaled by an increase above the 1.2750 level, while a great one will be from above the 1.2801 level.