USD/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After USD/CAD topped out at 1.3457 the pair has been in a strong down-trend, but there are few ‘sell' signals at the moment, and the trend may not continue much further. The technical indicators are mixed, and the price itself is closing in on the solid support at 1.30, represented by the lower boundary of the bearish pattern and also last month's low. If this is not enough to stop the bears from pushing the price lower, the next target it likely to be 1.2950, while in the long run we could see a test of the major up-trend at 1.26. On the other hand, a break-out to the upside (a close above 1.31) will likely lead to an extension of the recovery up to 1.3300/1.3250 (weekly PP and 200-hour SMA).
© Dukascopy Bank SA
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