USD/CAD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last two trading sessions USD/CAD has lost more than 80 pips and amid concerns the recently-reached budget deal is just a short-term solution, weaker United States Dollar can be expected. Even though indicators on 4H, daily and weekly charts are neutral, technicals on a shorter time frames are sending "sell" signals. The pair is bounded between two Fibonacci levels, which are located in a 50 pips range. Meanwhile, the majority (65%)of pending orders in a 50 pips range are placed to sell the pair, providing additional bearish impulse for the pair. The short term outlook for the pair is bearish and a retest of 1.0274 seems very probable.
© Dukascopy Bank SA
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