USD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A dive to a three-month low of 1.0813 in the very beginning of May gave USD/CAD an impulse for a jump. However, a two-week rally now may be halted given that the instrument has recently broken the support of the 57-bar long channel up pattern. If the breakout appears real , the pair is likely to plunge to the 50-hour SMA at 1.0906 and then to 1.0903/898 (four-hour S1, S2), a decline beneath which will open the way towards a strong support level at 1.0892/0 (daily S1; 200-hour SMA; four-hour S3). At the same time, market sentiment is neutral, while technical numbers are pointing to a weakness in the short and long term but are sending a clear ‘buy' signal for the medium term.
© Dukascopy Bank SA
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