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28.09.2023 05:50 PM
The USD/CAD pair jumped higher in the short term, reaching a new high of 1.3536. Now, it has turned to the downside and is located at 1.3481 at the time of writing. The price challenges the uptrend line which represents a downside obstacle.
Staying above the uptrend line may announce an upwards movement. On the other hand, dropping and stabilizing below the uptrend line may announce a downside reversal.
Staying above the uptrend line and jumping above 1.3508 activates an upside continuation.
Dropping below the uptrend line and under the former low of 1.3481 validates more declines and brings a selling opportunity.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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