USD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There are at least two acceptable variants of a bullish channel emerging in the four-hour chart of USD/CAD. While this decreases trustworthiness of the potential supports and resistances, at the same time this increases the appeal of a bullish outlook. Regardless of the pattern's version, the key topic for the pair during the next few days is going to be a test of 1.32, a level that must be broken in order to confirm bullish intentions of the US Dollar. The positive bias will be invalidated in case the bears push through support at 1.2890. However, this event is unlikely, considering that this level is reinforced by the weekly S3, monthly PP, 200-period SMA, and Jul 29 low.
© Dukascopy Bank SA
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