USD/CAD registered amazing growth after jumping above 1.2606 high, an upside obstacle. Now it is located at 1.2808 after ignoring the higher high of 1.2775 which was seen as a potential target and as a resistance level.
Technically, USD/CAD could decline a little after the current upwards movement. It could come back to test and retest the 1.2775 level, a former high, before resuming its growth.
Trading conclusion
Jumping above 1.2775 signals further growth, an upside continuation. A temporary decline could help us to catch a new upside momentum. 1.2850 and 1.2900 psychological levels are seen as upside targets.
A break above 1.2775 followed by a minor sideways movement, or consolidation, is seen as a buying opportunity.
