USD/CAD is decisively breaking above a key trendline for the downtrend it has been in since the start of August.
USD/CAD has broken above a key trendline and probably reversed trend. There is a possibility it could start trending higher if the break holds and prices move above 1.3520-25. The break comes after the release of higher-than-expected Canadian GDP data strengthened the Canadian Dollar . It probably means the short-term downtrend is reversing, although more upside is required for confirmation.
This indicates either an extended correction higher is likely, or a complete reversal of the hitherto bear trend. A close above 1.3520-25 and the trendline would bring into doubt the bearish bias and could indicate early signs of a reversal. Such a break could see the pair move up to 1.3593. A move above the latter would give a surer sign of a reversal of the trend. If the break fails to hold and prices pull back down and close below the trend line, the bear trend might extend lower.
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