Wednesday, August 30, 2023
USD/CAD Uptrend Seems Over!
The USD/CAD pair registered a strong downside movement in the short term and now is located at 1.3540. As you can see on the H1 chart, the rate increased within an up channel pattern. Now, it has dropped below the uptrend line (downside obstacle) signaling a downside reversal.
Still, as long as it's located above the 1.3502 former low, it's premature to talk about a downside reversal. As long as it stays above this level, the pair could come back higher towards the broken downtrend line.
USD/CAD Trading Conclusion!
USD/CAD could develop a larger drop only after dropping below 1.3502 former low. This may represent a new selling opportunity.
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