USD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a correction, which is currently driving the USD/CAD pair to the downside, we expect to see another up-leg in the direction of 1.41 where the upper trend-line is placed for the moment. A recovery is also likely to commence earlier, possibly around the weekly pivot point at 1.3877, which is guarded by the daily S1 on Monday. In case this demand fails to cope with bearish pressure, then an additional support will be offered by 100-hour SMA and the lower trend-line at 1.3849/40. In the meantime, market sentiment remains largely bearish for the moment (73%), meaning the US Dollar is somewhat oversold. Moreover, the 4H technical indicators are giving signals to acquire USD/CAD.
© Dukascopy Bank SA
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