USD/CAD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Greenback is depreciating against the Canadian Dollar in a channel down pattern, which recently was formed, as the currency exchange rate bounced off a larger scale rising wedge pattern's resistance line. However, the pairs fall has been already once stopped by the lower trend line of a rising wedge pattern, which represents the rates previous rebound and the subsequential surge from the larger pattern's support line. Moreover, the currency exchange rate is struggling with the newly formed monthly pivot point at 1.3078, which supports the rising wedge's trend line. Although, as soon as the move below the support cluster occurs, it is most likely that the rate will fall to the channel's support line, which at the moment is at 1.2950.
© Dukascopy Bank SA
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