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18.08.202219:53 Forex Analysis & Reviews: USD/CAD below strong upside obstacle

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USD/CAD Uptrend Intact

The USD/CAD pair jumped higher after failing to reach and retest the uptrend line. Now, it has reached the former high of 1.2962 which represents an upside obstacle. After reaching this key level, it has retreated a little but it could resume its growth as long as it stays above the uptrend line.

Only dropping and stabilizing below the uptrend line may signal that the upside movement ended and that the price could develop a strong downside movement.

USD/CAD Trading Conclusion

Jumping and stabilizing above 1.2962 could activate further growth and could bring new buying opportunities.

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