empty
 
 
30.03.2022 08:28 PM
USD/CAD downside movement could be over soon

This image is no longer relevant

USD/CAD downtrend

The USD/CAD pair registered a strong downside movement and now is about to reach 1.2460 which represents a downside obstacle. As you can see on the H4 chart, the price stopped at this level in the past, that's why we could expect a potential growth after reaching it.

Still, the downside pressure remains high as long as the pair stays under the downtrend line. Staying below the downtrend line and dropping below 1.2460 may confirm more declines.

USD/CAD trading conclusion

Staying above 1.2460 and passing above the downtrend line could announce that the downside movement is over and that the buyers could push it higher again.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Ralph Shedler
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback