USD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar continues to outperform its Canadian peer, as it has done already since July. However, the strong resistance around 1.15 level has pushed the pair into a bullish channel.
We think that due to the US Dollar's strength the pair is not likely to fall below the 1.13 mark; therefore, we see much more upside for the pair. This time also the SWFX market participants agree with our outlook as 72% of them have opened long positions on the pair. Moreover, the weekly technical studies are strongly bullish and that adds to the overall bullishness. Most likely USD/CAD will approach or even break the 1.14 level this week.
© Dukascopy Bank SA
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