FX.co ★ USD/CAD: 1.3551 halts upwards movement

USD/CAD Strong Buyers!

The USD/CAD pair registered strong growth and now is trading at 1.3535 below the former high of 1.3551 which represents an upside obstacle. As you can see on the H1 chart, the rate turned to the downside after reaching this level in the past.

Still, the currency pair could resume its growth as long as it stays above the minor and major uptrend lines. These represent downside obstacles. After its strong growth, a temporary retreat is natural.

USD/CAD Trading Conclusion!

Jumping and stabilizing above the 1.3551 upside obstacle activates further growth and could be seen as a new buying opportunity.