USD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The greenback demonstrated an enviable resilience by withstanding heavy pressure prevailing after it hit a five-year high against its Canadian peer. Following a mild retreat after the recent peak, USD/CAD started to form a channel up pattern that enabled the pair not only to recover some losses but also to re-approach the highest level since 2009.
However, the triumph of the U.S. currency versus the Canadian one may have come to an end. After being clung to the lower limit for almost 24 hours, the pair broke this level and only the 50-hour SMA at 1.1083 is containing a further decline that may result in a long-term weakness of USD/CAD.
© Dukascopy Bank SA
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