USD/CAD Ends Its Drop!

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USD/CAD registered an impressive drop recently. Now it has reached a demand zone or a support zone. 1.2606 - 1.2580 area was seen as a resistance area or as a supply zone. The pair has dropped from above 1.2900 psychological level and now it has touched this zone.

It has failed to retest the uptrend line signaling strong buyers. USD/CAD could develop an important growth as long as it stays above the uptrend line.

Trading Conclusion!

Technically, USD/CAD was expected to increase after the last massive drop. It could increase as long as it's located above the uptrend line. The 1.2606 - 1.2580 was seen as support or a demand zone from where the price could start increasing again.

1.2700 psychological level is seen as a first potential upside target.

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

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