USD/CAD 4H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 224-bar long double top pattern was formed on January 2 and after reaching a high of 1.1224, the pair started moving sideways. Despite Friday's strong movement to the downside that pushed the pair below the 200-period SMA, the outlook is bullish. There are several reasons behind such a suggestion, including technicals on a daily and weekly chart, while 61% of Dukascopy traders are holding long positions, expecting the greenback to appreciate against the loonie. Pair's depreciation should not be excluded, as aggregate indicators on a 4H chart and 57% of pending orders are supporting the case of a move to the pattern's support.
© Dukascopy Bank SA
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