USD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
US currency is correcting lower against the Canadian Dollar at the moment. However, as soon as the pattern's lower edge is touched near 1.4150, we will expect this currency pair to commence another up-leg. This week the bullish traders are hopeful to send the pair as high as 1.4417, namely to the second weekly resistance for this cross. Short-term weakness is projected by the daily technical indicators, while longer-term ones have a more balanced stance with respect to USD/CAD. As for market sentiment, the pair seems to be heavily oversold in the SWFX market, as 69% of all trades are short. This is forecasted to support bulls in the future who will be able to open fresh long trades and buy US Dollar.
© Dukascopy Bank SA
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