13.12.202222:41 Forex Analysis & Reviews: USD/CAD: further growth still possible

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

USD/CAD Retesting Buyers!

The USD/CAD pair dropped a little in the short term after reaching the 1.3692 level. Now, it is trading at 1.3554 at the time of writing. The uptrend line and the 1.3507 represent downside obstacles. As long as the pair stays above these levels, it could give birth to a new upside movement.

The 1.3692 former high stands as an upside obstacle. Only dropping and stabilizing below the uptrend line could invalidate an upside continuation.

USD/CAD Forecast!

The rate could increase again after testing and retesting the uptrend line at 1.3507. Still, only a new higher high, jumping and stabilizing above 1.3692 could really confirm an upside continuation.

Dropping below the downside obstacles may announce a strong downside movement.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.