USD/CAD 4H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CAD has some good downside potential. The currency pair has recently closed beneath the neck-line of the double top pattern and confirmed 1.2367 as the new resistance area. Once the monthly PP at 1.23 is out of the way, the target will be 1.2223, where the Dollar is expected to meet the 200-period SMA.
If the moving average is broken as well, the next objective will be the monthly S1 at 1.2068, followed by an important support level represented by the May low at 1.1919. Meanwhile, the sentiment among the SWFX market participants is moderately bearish: 60% of open positions are currently short.
© Dukascopy Bank SA
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