28.10.202011:01 Forex Analysis & Reviews: USD/CAD Turned To The Upside

Exchange Rates 28.10.2020 analysis

USD/CAD is expected to increase in the short term after breaking above the minor downtrend line. The pair was into a corrective phase, decline, after escaping from the major down channel. It seems that the correction is finished as the price has failed to approach and reach the 1.2990 former low.

I believe that another higher high, jump above 1.3247 former high could signal further growth towards the next 1.3418 high.

  • USD/CAD Conclusion and Trading Tips

We may have a great long opportunity if USD/CAD jumps and stabilizes above the 1.3247 level. The Stop Loss could be placed below 1.3080 low, and the first Take Profit at 1.3418 level.

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

Ralph Shedler,
Analytical expert
InstaForex Group © 2007-2021
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