USD/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CAD continues to be bullish, as it has been since this year's July. And that has led to a formation of yet another bullish pattern—channel up.
At the moment, the pair is trading around the monthly R2 and weekly R1 and it is still on a strong up-trend. Moreover, the majority of the 4H and weekly technical studies are still bullish, meaning that the current advance could be extended. An overwhelming majority of the SWFX market participants have opened a long positions on the pair, namely 73% of them. The USD/CAD cross is likely to test the weekly R2 that is located near the pattern's resistance at 1.1719.
© Dukascopy Bank SA
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