USD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having established a solid support at 1.1560, USD/CAD is now extending the Nov 27-Dec 16 rally. The bullish outlook will remain valid as long as the rising trend-line (connects Dec 31 and Jan 19 lows) stays intact.
In the near-term the risks are skewed to the downside, being that the currency pair has just touched the upper boundary of the upward-sloping channel at 1.2120. This sell-off should be limited by the demand at 1.1950, where the weekly pivot point merges with the up-trend. SWFX sentiment is neutral, as the difference between the shares of long (54%) and short (46%) positions does not exceed 10 percentage points.
© Dukascopy Bank SA
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