USD/CAD 4H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Similar to the AUD/NZD currency pair we discussed yesterday, the Dollar/Loonie cross formed the double top pattern with a number of common features. After the drop below the valley between two peaks, the pair returned to growth and approached the level of 200-period SMA at 1.0889. Taking into account the positive sentiment of market participants (64%) and the general positive trend of the pair since July of this year, we expect the U.S. Dollar to continue gaining value; however, at first the currency will have to breach an important resistance level at 1.0902/00, represented by the weekly S1 and a major level. The vast majority of technical indicators, however, are neutral at the moment.
© Dukascopy Bank SA
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