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USD/CAD's swing higher ends

USD/CAD's swing higher ends

USD/CAD Downside Movement!

The USD/CAD pair was trading at 1.2983 at the time of writing. As you can see on the H1 chart, the price almost reached the 1.3074 former high which stands as an upside obstacle. The supply could be strong around this key level, that's why the rate dropped in the short term.

Now, it has slipped below the uptrend line which represented a dynamic downside obstacle. The current breakdown may signal that the upside movement ended.

USD/CAD Trading Conclusion!

As you can see on the H1 chart, the rate tried to retest the broken uptrend line. The current breakdown through this downside obstacle may signal a new downside movement. Dropping and stabilizing below 1.2978 former high may signal a larger drop in the short term.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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