USD/CAD found strong support at 1.2067 where it registered a new lower low. Then, it jumped above the downtrend line signaling a potential reversal.
Still, we need confirmation before deciding to go long on this pair. The immediate higher high is seen at 1.2173. A jump and consolidation above this level could bring us a good buying opportunity.
Trading Conclusion!
The selling pressure is still high despite the breakout above the immediate downtrend line. We may have a buying signal if USD/CAD jumps above 1.2173. Such a breakout could signal an upside reversal!
The material has been provided by InstaForex Company - www.instaforex.com