USD/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The last day of January was marked as a time when USD/CAD hit a five-year high of 1.1228 that brought a one-month long advance to an end. Since then, the pair has been depreciating and in mid-February USD/CAD was trapped by bearish tunnel that has been adding downside pressure for the last 67 hours.
Now the pair approached a one-month low of 1.0947 that lies on the pattern's lower boundary. However, the likelihood of the breakout remains relatively low given mixed market sentiment-proportion of short positions is only two percent higher than the proportion of long ones.
© Dukascopy Bank SA
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