USD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In comparison with Monday, USD/CAD inched closer to the support line and now changing hands at 1.036, just 70 pips above the lower trend line. Our outlook for the pair remains the same– USD/CAD 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. The only thing that changed from Monday– aggregate technical indicators on 4H charts are pointing at depreciation of the pair, compared with "neutral" signals sent a day earlier.
© Dukascopy Bank SA
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