For Traders

Analytical Reviews

Technical analysis

27.01.202220:29 Forex Analysis & Reviews: USD/CAD moves towards 1.2791 next target

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 extends its growth

The USD/CAD pair resumed its upwards movement as expected after jumping above the 1.2676 former high. You know from my previous analysis that the pair could climb towards new highs if it stays above the downtrend line and if it passes above the 1.2676 level which represented an upside obstacle.

USD/CAD retested the level of 1.2676. As long as it stays above it, the price could climb towards new highs. The next upside target is represented by the 1.2791 level.

USD/CAD trading conclusion

A break above 1.2676 followed by a retest signaled potential upside continuation and it was seen as a buying opportunity with a first upside target at the 1.2791 former high. Passing above this upside obstacle indicates further growth.

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.