USD/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair has been depreciating since the start of July. Therefore the emergence of a bearish pattern, in this case Channel Down, was expected. Short term technicals do not give clear aggregate signal, thus we might expect that pair could move along the pattern's resistance, as it was doing since the recent rebound from the pattern's boundaries, for some time more. Medium and long term technicals, however, give rather strong "sell"  signal on aggregate suggesting that pair is likely to start moving towards the pattern's resistance and maintain the bearish trend.

© Dukascopy Bank SA
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