USD/CAD 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A stab to a five-year high of 1.1279 provoked a decline of the U.S. Dollar against the neighbouring country's currency. The drop was halted only at a three-week low of 1.1002, the lowest mark of the 98-bar long double bottom pattern.
Now the pair is gradually nearing the neck-line at 1.1078 and may reach it before long given absence of any significant hurdles for the rise. To climb to the neck-line, above which USD/CAD may enjoy a sharp rally, the pair has to meet resistance only at 1.1058/69 (four-hour R1, R2, R3) and considering bullishness on the market-circa 65% of positions are long, the advance is not likely to be discouraged by this hindrance.
© Dukascopy Bank SA
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