logo

FX.co ★ USD/CAD Set To Trade Higher

USD/CAD Set To Trade Higher

USD/CAD Set To Trade Higher

USD/CAD moves sideways in the short term but it is somehow expected to increase again after its failure to drop below 1.2756 former low. It approaches a minor dotted downtrend line, passing above it signal a further increase.

From the technical point of view, USD/CAD may develop a larger uptrend after escaping from the down channel's body, after its breakout above the downtrend line. The price moves in a narrow range trying to accumulate more upside energy.

See also: Start Forex trading with a European level broker!

Jumping above the dotted downtrend line should attract more buyers which will push the pair higher. The upside scenario could be invalidated only by a drop below the 1.2756 level.

Trading Conclusion!

Let's say that we may have a buying opportunity if USD/CAD jumps above the minor downtrend line and reaches the 1.2840 level. The 1.2900 and 1.3000 psychological level are seen as upside targets.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account