FX.co ★ USD/CAD: new downtrend, 1.2821 as downside obstacle

USD/CAD Upside Seems Over!

The USD/CAD pair dropped below the uptrend line signaling that the upside movement ended and that the sellers could take the lead. Personally, I've drawn a downtrend line, so as long as it stays under this line, the price could drop deeper. The downtrend line represents an upside obstacle.

The 1.2821 former low stands as a downside obstacle. It remains to see how it reacts around this level. Staying above it and jumping above the downtrend line may announce that the downside movement ended.

USD/CAD Trading Conclusion!

Dropping and stabilizing below 1.2821 could confirm a downside continuation and could bring new selling opportunities.