USD/CAD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As this year's rally failed to advance beyond the Mar 20 high at 1.1278, USD/CAD entered a negatively-sloped trend. The currency pair has already given up more than 300 pips since then and it seems to be ready to cede ground even further.
The reason for a bearish outlook is proximity to a strong resistance area around 1.0965, consisting of the falling trend-line and monthly pivot point. Moreover, there is an additional supply zone near the Apr 23 high at 1.1053, which in turn is formed by the 200-period SMA and monthly R1 level. However, the technical indicators do not support this idea, as they are largely mixed at the moment.
© Dukascopy Bank SA
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