USD/CAD 4H Chart: Channel Down

The US Dollar is losing value against the Canadian Dollar simultaneously in two descending channel patterns. Most recently the currency pair encountered the support of the dominant pattern. However, due to the angle of the two pattern's, before the junior pattern is broken, the currency rate is likely going to encounter the support of the 2016 low level at the 1.2474 level. Coincidentally, the 2016 low level might provide the necessary support for the Greenback to regain some of the lost ground and surge up to the 1.26 mark. Simultaneously the pair might break the short term channel and form a new ascending pattern, which would guide the rate to the dominant pattern's upper trend line.