USD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A recent correction of the US Dollar will be tested at 1.3135/26 in the nearest future. This support is represented by the daily pivot point and 55-hour SMA. A success here should trigger some extra sell-off down to the next major demand at 1.3089/73. This 16-pip narrow range gives a location to four technical levels. Among them, weekly pivot point and 100-hour SMA create especially high bullish potential. Hence, the USD/CAD cross may resume rallying, even before touching the pattern's lower edge at 1.3079. Should the negative trend persist, as suggested by 53% of SWFX traders, then bears will aim at the 200-hour SMA (1.3013), followed by weekly S1 and daily S2 around 1.2980.
© Dukascopy Bank SA
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