USD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As USD/CAD currency pair is currently nearing the lower trend-line of the bullish pattern, it is going to meet a substantial demand area soon. The first support is represented by the daily S1 at 1.3062, followed by the weekly R1, 100-hour SMA and the lower trend-line itself. All of them are placed in the narrow 1.3051/42 range. We expect the bullish impetus to be created there. Bullish case is reinforced by positive medium term technical indicators, meaning that we should observe the pair's climbing in the direction of 1.32 in the nearest future. Meanwhile, market sentiment is not giving a clear support either to bulls or to bears, as the advantage of the latter is very insignificant (52% vs 48%).
© Dukascopy Bank SA
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