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22.09.2023 08:23 PM
USD/CAD reversal above 1.3516

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USD/CAD downside seems over

The currency pair turned to the upside in the last hours and is located at 1.3488 at the time of writing. As you can see on the H1 chart, the rate found strong demand above 1.3397 and jumped above the downtrend line, signaling that the downside movement ended and that we may have an upside reversal.

Technically, the former high of 1.3516 represents an upside obstacle. Its failure to retest the broken downtrend line indicates strong buyers.

USD/CAD trading conclusion

Jumping above the 1.3516 indicates further growth. This could represent a new buying opportunity.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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