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22.10.202121:46 Forex Analysis & Reviews: USD/CAD upside reversal signaled

Exchange Rates 22.10.2021 analysis

USD/CAD downside seems over

The USD/CAD pair found strong demand around the 1.2319 level and now it tries to come back higher. It has jumped above the immediate downtrend line signaling potential growth, an upside reversal.

Now it's pressuring the 1.2372 yesterday's high. Jumping and stabilizing above this level may signal further growth. It could still increase as long as it stays above 1.2319 low.

USD/CAD trading conclusion

Passing above 1.2372 yesterday's high could signal potential growth towards the major downtrend line. Only a drop below the 1.2319 level could indicate a deeper decline and invalidate the bullish scenario.

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

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2021
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