22.04.202215:41 Forex Analysis & Reviews: USD/CAD targeting new highs

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USD/CAD Upside Breakout!

The USD/CAD pair registered a strong upwards movement after failing to reach and retest the 1.2430 lower low. Now, it's located at the 1.2681 level and it seems determined to resume its growth.

As you can see on the H4 chart, it has ignored the downtrend line and the 1.2665 level which represented upside obsatcles. Breaking above these levels signaled strong buyers and potential upside continuation.

USD/CAD Trading Conclusion!

Stabilizing above 1.2665 could signal further growth. Jumping above the downtrend line signaled that the downside movement ended and that the pair could develop an upwards movement.

A minor sideways movement above the 1.2665 could bring new buying opportunities.

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