23.03.202315:30 Forex Analysis & Reviews: USD/CAD: new downtrend, 1.3658 as downside obstacle

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USD/CAD Attracts More Sellers!

The USD/CAD pair is trading at 1.3673 at the time of writing and it stands above the 1.3658 former low which represents a downside obstacle. As you can see on the H1 chart, the rate dropped below the uptrend line which represented a downside obstacle signaling that the uptrend ended and that the sellers could take the lead again.

Personally, I've drawn a downtrend line. This stands as an upside obstacle, so as long as it stays below it, USD/CAD could drop deeper.

USD/CAD Trading Conclusion!

Dropping and stabilizing below 1.3658 activates a deeper drop and brings new selling opportunities.

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