27.02.2023 01:53 PM
USD/CAD upside continuation, 1.3646 as upside obstacle

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USD/CAD Uptrend!

The USD/CAD pair increased as much as 1.3646 on Friday, where it found supply again. Now, it has dropped a little. It is trading at 1.3592 at the time of writing. You knew from my previous analyses that the currency pair could develop a larger upward movement after passing above the downtrend line.

Now, the uptrend line represents a downside obstacle. As long as it stays above it, the USD/CAD pair could extend its uptrend.

USD/CAD Trading Conclusion!

Staying above the uptrend line and making a new higher high, jumping above 1.3646 activate further growth. This scenario represents a buying opportunity.

Ralph Shedler,
Analytical expert of InstaForex
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