USD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CAD is expected to depreciate in the near term, despite moving inside the pattern with positive-sloping boundaries. The bearish scenario is broadly supported by the fact that 55-hour SMA has just crossed the longer-term 100-hour SMA, thus creating more favourable conditions for a sell-off. The closest target for bears is placed at 1.3075 (200-hour SMA; daily S1). In case shorts consolidate below both of them today, they will then aim at the Jul 30 high at 1.3044, followed by the pattern's lower edge around 1.2970. On the other hand, daily technical indicators assume the cross will resume rallying in the next 24 hours, even though traders are still bearish towards Buck in 59% of all cases.

© Dukascopy Bank SA
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