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26.01.2023 09:34 PM
USD/CAD: downside continuation from below 1.3334

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USD/CAD Breakdown Needs Confirmation!

The USD/CAD pair dropped and now is trading at 1.3332. It is challenging the 1.3334 former low which represents a downside obstacle. On the other hand, the downtrend line represents an upside obstacle. As long as the instrument stays below it, the price could drop deeper.

Only jumping above the downtrend line may announce that the downside movement ended and that the rate could develop an upside reversal. So, this scenario could invalidate a downside continuation.

USD/CAD Trading Conclusion!

Stabilizing below the 1.3334 downside obstacle may announce a further drop. This is seen as a selling opportunity.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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