Tuesday, February 7, 2023
USD/CAD downside seems over
The USD/CAD pair failed to extend its downside movement, and by the moment of writing it passed above the downtrend line, signaling that the downside movement ended. Technically, the rate moved somehow sideways and stayed near the downtrend line, indicating an imminent breakout.
Now, it challenges the 1.3449 former high, which stands as an upside obstacle. As long as it stays above the broken downtrend line, the price could try to develop an upward movement.
USD/CAD trading conclusion
Passing and stabilizing above the level of 1.3449 activates further growth and helps traders to buy the pair.
The material has been provided by InstaForex Company - www.instaforex.comfrom Forex analysis review https://ift.tt/WwPlanv
via IFTTT