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The USD/CAD pair failed to stay below the 1.3504 historical level or to stabilize below the 1.3495 Tuesday's low signaling exhausted sellers. After dropping below the uptrend line, the price action signaled that the uptrend ended and that the sellers could take the lead.
Now, it has turned to the upside trying to retest the broken uptrend line which represents an upside obstacle (downside obstacle turned into an upside obstacle). It climbed as much as 1.3613 yesterday and now it has dropped again below the uptrend line. As long as it stays below yesterday's high and under the uptrend line, USD/CAD could drop again.
The uptrend line and the 1.3613 represent upside obstacles. USD/CAD could drop again as long as it's located below these levels. Still, only dropping below the 1.3495 former low validates a deeper drop.
Jumping above the uptrend line and above 1.3613 indicates further growth.
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