USD/CAD Buying Opportunity?

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USD/CAD moves sideways between 1.2173 and 1.2068 levels. An upside breakout from this range could signal further growth, while a downside breakout may indicate a deeper decline.

Jumping above the downtrend line signaled that the pair could develop a swing higher. A new upwards movement will be confirmed by a breakout and stabilization above the 1.2173 level.

On the other hand, dropping below 1.2068 static support, the downside obstacle could indicate a potential decline towards the 1.2000 psychological level.

Trading Conclusion!

Increasing and passing above 1.2173 could really signal more gains towards the 1.2300 psychological level.

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

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