The Canadian Dollar is trading against the American Dollar in the short-term ascending channel. This pattern has formed amid the Greenback's appreciation, when the currency pair broke through the bottom trend line of the dominant ascending channel. From the technical perspective, the rate is likely to stay within the junior channel until it meets the resistance level put by the weekly R2 at 0.7477. The upcoming change of direction is supported also by the fact that the pair is already overbought, as 62% of open SWFX positions are long. However, an early breakout might occur during this trading day amid the release of US unemployment claims at 8:30 GMT.
| Level | Rationale | Indicator | 1H | 4H | 1D | |||
| R4 | 0.7524 | Monthly PP | MACD (12; 26; 9) | Sell | Sell | Sell | ||
| R3 | 0.7495 | Trend line | RSI (14) | Buy | Buy | Sell | ||
| R2 | 0.7477 | Weekly R2; Trend line | Stochastic (5; 3; 3) | Neutral | Neutral | Neutral | ||
| R1 | 0.7471 | Upper Bollinger Band | ADX (14) | Sell | Sell | Sell | ||
| S1 | 0.7436/34 | 20-period SMA; Trend line | CCI (14) | Neutral | Neutral | Neutral | ||
| S2 | 0.7433 | Weekly R1 | AROON (14) | Neutral | Sell | Neutral | ||
| S3 | 0.7425 | 55-period SMA | Alligator (13; 8; 5) | Buy | Buy | Buy | ||
| S4 | 0.7417 | 100-period SMA | SAR (0.02; 0.2) | Buy | Buy | Sell | ||
| Aggregate | → | → | ↘ |