USD/CAD downside seems over
The USD/CAD pair found strong demand around the 1.2319 level and now it tries to come back higher. It has jumped above the immediate downtrend line signaling potential growth, an upside reversal.
Now it's pressuring the 1.2372 yesterday's high. Jumping and stabilizing above this level may signal further growth. It could still increase as long as it stays above 1.2319 low.
USD/CAD trading conclusion
Passing above 1.2372 yesterday's high could signal potential growth towards the major downtrend line. Only a drop below the 1.2319 level could indicate a deeper decline and invalidate the bullish scenario.
The material has been provided by InstaForex Company - www.instaforex.com