USD/CAD 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CAD is nearing the upper edge of the bullish pattern, meaning that there are considerable risks of a correction, which may take place by the end of this year. However, before the pattern's resistance line, which is reinforced by the monthly R2, is tested the pair is required to overcome another supply, namely the monthly R1/Aug 24 high at 1.3345/58. Both weekly and monthly technical indicators are giving aggregate signals to acquire the US Dollar. On the other hand, market sentiment is biased in favour of bears, as they are holding 54% of all open positions. Therefore, our long-term outlook is fairly pessimistic, and we may observe a sell-off beginning in October-November, with the starting point located between 1.36 and 1.37.

© Dukascopy Bank SA
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