USD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a month of no trend USD/CAD has finally started to move in one direction, namely North. However, in the very short run there is likely to be a sell-off, since the currency pair is about to hit the upper trend-line of the pattern at 1.0960, which is reinforced by the daily R2 and Jun 5 high.
Then we will expect the bulls to regain control of the market around 1.09, where the daily PP merges with the lower boundary of the channel. In the meantime, both the SWFX market and technical indicators are in favour of a rally—58% of open positions are long and most of the daily studies are presently pointing upwards.
© Dukascopy Bank SA
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