USD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After undergoing a bearish correction the fist half of this year USD/CAD managed to stabilise ahead of 1.06 and resume the up-trend that started back in September of 2012. As a result, during the next six months the currency pair formed a bullish channel. Accordingly, the long-term outlook for the US Dollar for now is considered to be positive.
On the other hand, in the short run the greenback is likely to lose some ground against the loonie. The rally is now facing a dense supply area at 1.1670, created by the 2009 Jul high and the up-trend, meaning there should be a decline to the lower edge of the channel before there is another up-move within the boundaries of the pattern.
© Dukascopy Bank SA
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