USD/CAD 4H Chart: Rectangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As USD/CAD was unable to advance beyond the resistance at 1.12 (late January and late February), the currency pair got trapped between this level and the horizontal support line at 1.0930. Still, as suggested by the weekly technical indicators, eventually the U.S. Dollar is likely to breach this obstacle and resume a rally.
In the meantime, the exchange rate seems to be well-supported by the demand area at 1.1080, which is reinforced by the 200-period SMA and the weekly pivot point. Bullish outlook is also shared by an overwhelming majority of the SWFX market participants—as many as 72% of them are currently holding long positions on USD/CAD.

© Dukascopy Bank SA
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