USD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 256-long channel up pattern was formed by USD/CAD on May 9, when the pair surged from a level close to parity, currently represented by Fibonacci Retracement. At the moment of writing the pair was hovering around the 200-day SMA, which stands at 1.0385. According to technical indicators, the pair is likely to reach the support line in the shorter term, however, in a longer period, the continuation of an uptrend is expected. It is also important to mention that the majority (72%) of all opened positions are long.
© Dukascopy Bank SA
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