USD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite moving mostly in the sideways trend, the USD/CAD cross is approaching the lower trend-line of the bullish pattern. The eventual testing of this support line is likely to happen tomorrow, but for now the pair has to breach a considerable obstacle, represented by weekly pivot point and two SMAs. Taking into account mixed signals from technical indicators in the short and medium-term, the US currency can have some minor issues in crossing the mentioned supports. The bounce back will still happen only from the lower boundary at 1.1233. The long-term bullish scenario is suggested both by daily technical studies and 73% of market participants.
© Dukascopy Bank SA
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