For Traders

Analytical Reviews

Trend line

02.10.202011:29 Forex Analysis & Reviews: USD/CAD In Uptrend Mode

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 has decreased a little in the short term after failing to make a new high, to jump above 1.3418 level. Still, the pair is trading within an uptrend on the H4 chart after escaping from the major down channel's body.

The bias is bullish as long as the quote stays above the uptrend line. An upside momentum from the uptrend line and a breakout of 1.3418, a new higher high, peak high, validates a larger upside movement.

A drop below the uptrend line followed by a retest could announce a deeper drop in the short-term.

USD/CAD Trading Tips

Buy USD/CAD if the quote jumps above 1.3418 and reaches 1.3430 level. You can use 1.36 as a potential target.

A failure to get back above 1.3376 and a drop below the uptrend line brings a selling opportunity.

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.