USD/CAD 4h Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA


 The US Dollar continues to lose value against the Canadian Dollar. However, the short term descending channel, which was pinpointed not long ago, was broken. Instead a larger scale pattern has shown itself. It represents the rates medium term decline, which is set to reach the lower trend line of a large scale ascending channel pattern. However, before that the pair is set to face first the support of the 50.00% Fibonacci retracement level of the 2016 low and high levels. Afterwards, the 200-period SMA is set to provide support to the rate. Due to that it can be expected that a very short termed surge will take place first, before the currency exchange rate continues the decline.



  Level  Rationale     Indicator 4H 1D 1W
R4 1.3776 Weekly R1     MACD (12; 26; 9) Sell Buy Buy
R3 1.3697/3710 Trend line; weekly PP     RSI (14) Neutral Neutral Neutral
R2 1.3649/71 Weekly S1; 55 and 100-period SMAs     Stochastic (5; 3; 3) Sell Neutral Sell
R1 1.3575/83 50.00% Fibo; weekly S2     ADX (14) Neutral Neutral Neutral
S1 1.3558 Trend line     CCI (14) Buy Buy Neutral
S2 1.3540 200-period SMA     AROON (14) Buy Buy Buy
S3 1.3527/23 Monthly PP; weekly S3     Alligator (13; 8; 5) Sell Buy Buy
S4 1.3365/56 Trend line; monthly S1     SAR (0.02; 0.2) Sell Sell Buy
          Aggregate

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