USD/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
During last several days, the Dollar/Loonie pair is trading in a quite narrow trading range of 1.0830-1.0880; however, taking into account the present channel down pattern, we can observe that the pair covered full space from lower to upper trade line of the pattern inside this range. The Greenback has recently breached the upper trend-line at 1.0880, meaning that the pattern is now confirmed. We assume the upward break-out to take place soon, especially concerning the most recent developments. Moreover, market participants (71%) support this view at the moment. On its way up, the first significant level the pair is going to face is located at 1.0895/1.0900 (weekly PP/major level).
© Dukascopy Bank SA
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