USD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CAD has recently formed a bullish channel, which implies strengthening US Dollar during the next few days. The outlook will remain positive until we reach a major resistance level at 1.2560, which is the Jun 1 high.
The shorter-term bias however, is negative, being that the currency pair has just confirmed the upper boundary of the pattern, and the price should descend down to the support trend-line at 1.2340 before the latest recovery is resumed. In the meantime, the SWFX market participants are largely undecided with respect to the rate's prospects, as right now 51% of open positions are long and remaining 49% are short.
© Dukascopy Bank SA
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