USD/CAD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The situation in the hourly chart suggests a strong sell-off, being that the currency pair has recently confirmed the upper bound of the newly formed channel. In reality, however, we are closing in on the major trend-line that was initiated back in April of the previous year. Accordingly, once we get close enough to it (around 1.3620), the bulls should take control of the pair, and the pattern will then be broken to the upside. In this case the targets will be the February highs—Feb 19 high at 1.3850, Feb 16 high at 1.3910, and Feb 11 high at 1.4020. A close below the major trend-line will imply a 500-pip decline down to the 20-month trend-line.
© Dukascopy Bank SA
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