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USD/CAD upside reversal coming!

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USD/CAD 1.2500 Psychological Level Stands As Target

USD/CAD is somehow expected to climb higher after jumping above the downtrend line. You already know from my analysis that jumping above the downtrend line could activate an upside reversal.

It is now trading at 1.2444 and it was almost about to test the 1.2431 former high. Technically, after failing to test and retest the broken downtrend line, USD/CAD signaled strong buyers. It could resume its growth as long as it stays above 1.2431.

USD/CAD Trading Conclusion

USD/CAD dropped a little but the retreat could be a temporary one before resuming its growth. Jumping above 1.2468 Friday's high could confirm further upward growth. 1.2500 could be used as a first upside target.

The material has been provided by InstaForex Company - www.instaforex.com