USD/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CAD entered an ascending channel pattern about a week ago and is currently repeatedly testing the bottom boundary which could eventually let the pair slide. A newly sketched channel down pattern could be one to break the senior pattern immediately as the rate has reached the upper boundary, and that would set 1.3470 as the next ultimate goal. While it appears that the channel is most likely to break, an additional wave north cannot be eliminated. A surge would be of distinct steepness with distractions at 1.3580, 1.3627 and then 1.3614. SMAs that now provide a floor for future movements are likely to break amid the new pattern takeover.
© Dukascopy Bank SA
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