USD/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
We hold a negative bias towards USD/CAD in the near term, being that the currency pair has formed a bearish channel. The pattern implies that the upside is limited by the resistance trend-line at 1.3275, while upward correction is to be expected near the lower boundary of the channel at 1.3225, which is also reinforced by the monthly PP and Nov 11 low. Once the latter level is out of the way, the 200-hour SMA at 1.3186 will become the next objective. On the other hand, if the price breaches 1.3275, the outlook will be changed to bullish, and the new target will be the Nov 6 high at 1.3315. Meanwhile, the SWFX market is somewhat oversold, as 57% of open positions are short.
© Dukascopy Bank SA
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Thu, 12 Nov 2015 08:05:13 GMT

USD/ZAR 4H Chart: Channel Up

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Wed, 11 Nov 2015 14:53:05 GMT

CAD/CHF 4H Chart: Channel Up

CAD/CHF has opposite scenario to the one we have just described for the NZD/USD cross. Here we suggest that bears are going to overtake leadership and push the Canadian Dollar downwards during this week and next week. Important support lines to meet are offered by 100-period SMA and monthly PP at 0.7496/72. They are followed by 200-period SMA at 0.7435

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