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CAD/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
The Canadian Dollar is trading in an ascending channel pattern against the Japanese Yen, as the currency exchange rate is trading in a very close range of the pattern's support line. A surge of the rate to the pattern's resistance is hindered by the August high level at 78.80, which is strengthened also by the weekly R1 at 78.8507. In accordance with the pattern, the rate should break through the resistance and surge afterwards, and that might occur, as the simple moving averages move northward together with the rate and provide additional support to the pattern's lower trend line at 78.70. However, 65% of pending commands set up by SWFX traders are to sell the currency, if it continues to move lower.
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