USD/CAD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A sharp advancement in the mid-August resulted in an accelerating depreciation of USD/CAD; the currency pair tumbled from six-week high of 1.0569 topped on August 23 to the lowest level in more than a month of 1.0282 hit this Monday. Surprisingly, the sharp decline created an impetus for a jump of the pair that is attempting to consolidate above the upper-limit of the pattern, implying that bearishness of the trading pattern failed to deter the pair's rise. Traders' sentiment and technical indicators also hint on high probability of a climb of the currency couple in the nearest future.
© Dukascopy Bank SA
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