USD/CAD moves sideways in the short term but it is somehow expected to increase again after its failure to drop below 1.2756 former low. It approaches a minor dotted downtrend line, passing above it signal a further increase.

From the technical point of view, USD/CAD may develop a larger uptrend after escaping from the down channel’s body, after its breakout above the downtrend line. The price moves in a narrow range trying to accumulate more upside energy.

Jumping above the dotted downtrend line should attract more buyers which will push the pair higher. The upside scenario could be invalidated only by a drop below the 1.2756 level.

Trading Conclusion!

Let’s say that we may have a buying opportunity if USD/CAD jumps above the minor downtrend line and reaches the 1.2840 level. The 1.2900 and 1.3000 psychological level are seen as upside targets.

The material has been provided by InstaForex Company –

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