USD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CAD is following two upward-sloping trend-lines so far; however, the long-term state of affairs will highly depend on the Fed interest rate decision on Wednesday. Positive outcome is expected to push the US currency above 1.3781, a resistance created by daily R1 and Monday high. The next step will be a spike in the direction of the pattern's upper edge at 1.3864. This level is safeguarded by daily R3 and weekly R1 from above, meaning a further development to the north will be more complicated to achieve. On the other hand, the Greenback is heavily oversold against the Canadian Dollar, as three out of four traders are holding short positions. This fact reinforces the bullish scenario.
© Dukascopy Bank SA
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