USD/CAD 1H Chart: Channel Down

During the whole July USD/CAD was declining, losing three and a half figures. Then, for a relatively short period of time the pair was undergoing a bullish correction, but has recently resumed trending downwards in the channel down pattern.

While the technical indicators are mixed and do not give a clear signal regarding the future behaviour of the currency pair, a recent breach of the 200-hour SMA and then a subsequent confirmation of the resistance at 1.0351 give a reason to suspect that the U.S. Dollar is going to continue underperforming relative to its Canadian counterpart.