USD/CAD Downtrend line violated!
The USD/CAD pair failed to resume its downside movement and now it has managed to jump above 1.3325 and above the downtrend line. These represented upside obstacles, so stabilizing above these broken levels, the price could develop a strong upside movement.
As you can see on the H1 chart, the rate dropped within a down-channel pattern. Jumping above the downtrend line indicates that the downside movement ended and that the price could develop an upside reversal.
USD/CAD Trading Conclusion!
Breaking above the downtrend line after retesting 1.3325 indicates strong buyers and is seen as a buying opportunity.
