USD/CAD Upside Reversal Needs Confirmation!

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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

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