USD/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the pair fell to this year's lower levels around 1.06 at the beginning of July, the US Dollar has outperformed the Canadian counterpart rather heavily. More recently (at the middle of September) the pair started to form a channel up pattern.
Currently, USD/CAD is sliding towards the lower trend-line that is located around 1.12 level. Nonetheless, to our mind the pattern is likely to remain in effect since the pair seems well-supported around the 1.12 mark by the 100-period SMA and weekly S1. Moreover, the daily and weekly technical studies are largely bullish, as well as a distinct majority (72%) of the SWFX traders' are long on the pair.
© Dukascopy Bank SA
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